Winding up petition: Difference between revisions
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imported>Doug Williamson (Create page. Source: Company rescue webpage https://www.companyrescue.co.uk/guides-knowledge/what-is/winding-up-petition/) |
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Revision as of 11:42, 19 July 2019
UK insolvency law - liquidation.
A winding up petition is a legal notice in the UK put forward to the court by a creditor.
The creditor petitions to the court if they are owed more than £750 and it has not been paid for more than 21 days.
The application, in effect, asks the court to liquidate the company as they believe the company is insolvent.
Proceeds of the liquidation can be used to pay back creditors.
