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Winding-up Petition

A court order that forces an insolvent company into compulsory liquidation. Once the petition has been issued, the debtor company is prohibited from selling, transferring or trading any of its assets without the court’s permission. If there is no response after 7 days, the petition can be publicised in the London Gazette newspaper, and the company’s bank(s) may be frozen. A company director can overcome a winding-up petition by applying for either a county court injunction or a validation order.

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