How Do You Issue a Winding Up Petition?

By admin | 05/08/2010

A Winding Up Petition (WUP) is the most serious action that can be taken against a company and usually is only issued if a creditor is determined to recover an undisputed debt or put the company out of business because the debtor company is believed to be insolvent. The creditor will issue a statutory demand,…

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To Sell or Not to Sell: When is a Good Time to Cash In on Your Assets?

By admin | 22/07/2010

If you’ve been served with a winding up petition, selling your assets should be seriously considered as a viable option to help save your business. In fact, if selling your assets is an option, the sooner you do so the better and preferably before a winding up petition have been presented against your company. If…

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Insolvency Practitioners to be Independently Regulated – About Time

By admin | 01/07/2010

Last week, the Office of Fair Trading (OFT) released a report criticising the insolvency industry and calling for the establishment of a complaints body to regulate practitioners. The report found that, on average, insolvency practitioners (IPs) earn fees of up to 20pc of the assets available when firms are wound up. A large part of…

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