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would be sensible for you to instigate

4.3. Given that the company would subsequently be liquidated, the expectation would have been that there would have been many creditors and few company assets. A new company could be set up to purchase the assets of the old business and continue to trade leaving the old business to be wound up.Traditionally, if any creditor of a business owed more than GBP750 was struggling to collect its debt, that creditor could decide to petition for the winding up of the company.Once a winding up petition is issued, it is advertised in the London Gazette. This advertisement will be identified by the company’s bank and this will normally cause the bank to suspend the company’s banking facilities until the petition is either granted or withdrawn.

Rather, the action was intended to prevent the struggling business from continuing to trade and thus putting other potential suppliers at risk. If you believe the creditor’s claim is genuine, one options is to make every effort to pay the petitioning creditor so that the winding up petition is lifted.As highlighted above, there are a number of options that you could consider. You and owners of the business could decide that the company is not worth saving and agree that it should be wound up. Unfortunately, there is no guarantee that the bank will agree to this.2. Obviously suspension of banking facilities will cause serious disruption and will hinder the company’s ability to trade. In addition, the company’s bank will have to be involved to ensure that accounts are not frozen.Given that an increasing number of businesses are facing difficulty trading in the current economic circumstances, far more creditor’s accounts are falling into arrears. If you believe that the petition is unjust, you can contest the action.

However, this may very well be to the further detriment of the business as cash will have to be diverted from other places if indeed any is available at all. Subsequently, the number of winding up petitions issued is on the increase. Rather than issuing a county court judgement (CCJ) which could then be ignored, creditors are choosing to issue the winding up petition because of the immediate pressure that this puts on the company to pay the outstanding debt.. If this is the case, it would be sensible for you to instigate a creditors voluntary liquidation yourself therefore giving you more control of who is appointed liquidator. If the winding up petition is successful and the winding up of the company is ordered, a liquidator will be appointed and it is likely that the company will be closed. If you know that your business is about to receive a winding up petition or such a petition is received out of the blue, it is vital that you take advice from a corporate insolvency specialist as soon as possible.

However, the implications of these are serious China sewing thread winding machine Manufacturers and far reaching and must be properly understood. The motive for this action would not necessarily have been to receive payment of the debt.Given these serious implications, as a company director, it is very important for you to understand your options if China high speed winding machine Suppliers a winding up petition is received. If this were to happen you can consider the following possible actions:1. If you and/or the shareholders of the company believe that the business is worth saving you could consider undertaking a pre pack liquidation (commonly known as a company phoenix). It is likely this will involve hiring a solicitor with associated costs.More recently, creditors have started to use winding up petitions specifically as debt collection tools.

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