A Winding-Up Petition is the instrument used by a creditor to begin Insolvency proceedings where the party that owes money is a company. It effectively asks the court to liquidate the company due to insolvency and, as such, is the most serious action that can be taken against a company.
Whether you are presenting or defending a Winding-Up Petition there are specific requirements that must be met, including that the total debt is £750 or more and has not been paid for 21 days. It is a delicate process that requires swift action, particularly on behalf of a company that is presented with a Winding-Up Petition, which will have just 10 days to prevent the winding-up being advertised. The impact of a Winding-Up Petition will be to effectively stop a business from trading and if the petition has been advertised it can do serious reputational damage.
At Mercantile Barristers, we have extensive experience negotiating settlements in the wake of a Winding-Up Petition acting on behalf of companies, as well as creditors. Our barristers are also able to continue to work towards a best-case resolution even where a settlement cannot be reached, including obtaining injunctions to preserve the status quo of a company and obtaining the Validation Orders that may be required for company directors to access funds where appropriate.
Communicative, a sense of responsibility and I absolutely feel they are an ally. Highly recommended
During a time of intense business troubles Mercantile guided me through and helped me keep perspective. I am now on a path to having the business in a much better place and many thanks are due to Samuel & his team.
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Have Found Mercantile, To Be Honest, Diligent And Willing To Go The Extra Mile With Their Advice.
Exceptionally balanced and sound advice. Strongly recommend Firm.
We were most impressed with Mercantile Barristers and your friendly, prompt and expert services. We think we were most fortunate to benefit from Samuel Okoronkwo's expert knowledge, clear analysis and wise advice.