Who are eligible to file a petition for bankruptcy and winding up?

02/02/2021

Consequences of Bankruptcy/ Winding Up

Bankruptcy and winding up means petitioning the courts to force an insolvent company into liquidation compulsorily.  Usually, the unpaid creditor can take action. A creditor owing more than £750 can submit a winding-up petition in the court to get the money back. After receiving the winding-up petition, the court will grant you a hearing to check if the company cannot pay its debts and comes under the insolvent category. Court can issue the winding-up order and appoint an OR (official receiver) to liquidate the company.
People Eligible to File Bankruptcy/Winding up Petition

Who can file the winding-up petition? The following people can file a petition for compulsory winding of a company:

Consequences of Bankruptcy/ Winding Up

The bankruptcy or winding up is not a simple process. It is a serious process with greater consequences. If you are filing for bankruptcy, you need to know the petition starts the process to terminate the company. After liquidating the company’s assets, creditors of the company get the distributed money. The public liquidation process has serious consequences. After advertising the petition for winding up, the banks freeze the accounts of the company. So, the banks stop the trading linked to the company from the date of advertising. For creditors who like to get their debt bank, the process is long and tedious.

Other Alternatives

File a Petition for Bankruptcy

Getting assistance from professional debt collection services can save you time, headache, efforts and money. If you wish to get the debit collected from others or facing bankruptcy due to the delinquent payment from others, the professional collection service can help you get the money back. The experienced and expert services can prove helpful in collecting debt from others through different means. They can recover debts owed quickly and smoothly without any complications. From the start of the process of getting your money, you will never face any hurdle. But, when you are seeking professional assistance, make sure the platform you choose has the following features:

The professional debt collection services must have updated information on the laws involved with debt collection. The legal knowledge helps deal with creditors better.

Choose the service with a positive track record of successful debt collection. Such expert services can increase your chances of payment exponentially.

Choose services with experience in working with various types of businesses. They must also have the expertise to collect the debt in various forms like asset seizure, charging order, third party debt orders, and filing bankruptcy on behalf of their clients.

Seeking assistance from a professional debt collection service makes people pay faster compared to handling it alone. They have the skill to track down the clients with past-due and make the collection attempts for getting payment.

With professional debt collection services, you can feel relieved as they can help you get back the money with ease.

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