Is Your Company At Risk From A Winding Up Order?
“I have a notice of application for a Winding Up Order from the courts stating that my business is about to be wound up – I can’t sleep at night with the worry. What can I do?”
A Winding Up Order is the final stage of a debt recovery process and results in your business being legally closed and wound up or liquidated. The company bank accounts will be frozen and the courts will appoint the Official Receiver to deal with the companies affairs. Your role as a director ceases when the court issues the Winding Up Order.
All assets of the business are now under the control of the Official Receiver. The Official Receiver is charged by the courts and the Insolvency Act to:
1. Liquidate the assets or sell the assets for the pest price possible to cover the Secretary of States fees, insolvency fees with surplus funds being for the benefit of all the unsecured creditors.
2. Investigate the conduct of directors to establish if preferential payments or misconduct issues warrant further money claims against the director.
This process would have started with the issue of a Statutory Demand which you have not responded to followed up by a Winding Up Petition, the Winding Up Order is the final stage in the process. So if you’re not worried you should be! The fact is that legal action will continue no matter how much you ignore those letters, you will be required to attend interviews with the Official Receiver while he / she investigates the director’s conduct. This can end in a money claim being made by the OR against directors (you) or a Directors Disqualification Order (DDO).
Trust is paramount in this situation and we want to assure you that you can trust 4R Business Recovery. Every business can get into trouble no matter how big or small.
So What Are The Choices Now?
Regardless of where you are in the process you need to take immediate action to get back in control of your business. If you have received a Statutory Demand, Winding Up Petition or even a Winding Up Order it is not too late. If you have actually received confirmation that a Winding Up Order has been made then you need to call us today. We undertake an initial assessment of the background to the case and if you want to protect the business we can advise you on the next best step to get back in control of your business.
Talking to an expert who understands the whole process will alleviate some of the worry that you are experiencing right now.
We will always give you impartial advice that you can rely on – so get in touch today on 0800 0385 140 to find out more.