Winding Up Petitions
Winding Up Petitions with PLS Solicitors
PLS Solicitors PLS specialises in providing advice and assistance in relation to all aspects of debt recovery, including drafting and issuing statutory demands and petitions.
In addition, PLS provides advice and assistance in opposing winding up petitions threatened / issued in respect of disputed debts, including the making of application to the court to restrain the issue and/or advertisement of petitions.
Winding Up petitions are frequently used to recover debts owed by limited companies which are not (legitimately) disputed or where more than £750 is not disputed. They are also used by Government bodies to close down companies on public interest grounds.
A company may be compulsorily winding up by the court, if:-
1. It has resolved by special resolution that is it should be so wound up, or
2. It is unable to pay its debts; or
3. The court is of the opinion that it is just and equitable that it should be wound up.
In relation to debts, inability to pay debts is often the ground relied upon and there are 3 alternative situations where a company is deemed to be unable to pay its debts:-
1. A creditor is owed more than £750, has served a statutory demand and more than 3 weeks have elapsed.
2. Execution on a court judgment is returned unsatisfied.
3. It is proved to the satisfaction of the Court that the company is unable to pay its debts (including contingent and prospective liabilities).
In relation to public interest petitions, winding up is based on the just and equitable ground.
PLS Solicitors specialise in advising on the complex area of company insolvency, especially Winding Up Petitions. We offer a friendly, efficient and effective legal advice on any area of company insolvency.
- We explain the process in plain english, no legal jargon.
- We adopt an understanding and methodical approach when dealing with each individual case.
- Our office hours are 9am to 7pm Monday – Friday and 9am to 4.30pm Saturday and Sunday
- We are fast. Because of our speed, we work as a nominated solicitor for many of the UK's largest developers.
- We have a team of 100+ staff based in the UK
- All work is carried out in-house by a member of our team.
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