This guide is to help you understand what a Compulsory Winding Up Order is and how you can protect your Company from being Wound Up by your creditors and the Courts.
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The first stage of the process is for the creditor to serve a Statutory Demand on your Company; this is a written request asking for the money to be repaid. You must owe the creditor a minimum of £750 and you must respond within 18 days to either settle the debt or challenge the Statutory Demand. If you dispute the debt, you must act quickly.
If the debt has not been settled within 21 days and is over £750, the creditor can issue a Winding Up Petition, asking the court to liquidate your Company. All petitions are advertised in the Gazette, and this typically results in the freezing of the Company Bank Account. The result is that your Company could be closed and its assets sold off.
If you don't defend a Statutory Demand or a Winding Up Petition, you could end up in a situation where you completely lose control of your Company. If your business is subject to compulsory liquidation, your conduct could then be investigated, which can result in a financial claim against the directors and being disqualified as a director.
4R Business Recovery, over the last ten years, has helped 1000's of directors and shareholders restructure their business and secure a second chance.
If you or your business are suffering from legacy HMRC debts which you are struggling to pay then this is not only stressful but for many business owners, a very dark and lonely place.
We hope you find the guide useful and don't hesitate to reach out. We are happy to schedule a telephone or video call or a meeting and offer some free advice on the restructuring options available to you. 4R is in the business of second chances and a problem shared is a problem halved.
Don't delay, get in touch today, you are sure of complete confidentiality, an understanding ear, and more importantly - someone who can devise a plan of action.