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 cant sleep at night with the worry is it to late? 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 and any money owed to you form part of all the unsecured claims against the company.
The Official Receiver is charged by the courts and the Insolvency Act to:
a] 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.
b] Investigate the conduct of directors to establish if preferential payments or misconduct issues warrant further money claim against the director or a Directors Disqualification Order.
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 your 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 probes the directors 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 just like all of our clients have. No matter whether you feel you could be in trouble personally for not doing things right or if you have followed your duties to the letter, 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 to 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.
With expert help onside and someone to talk to that understands the whole process as well as being able to advise you of what to expect next you can alleviate some of the worry that you are experiencing right NOW.
You can trust us with your business and 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. The best news is that we will even advise you completely free initially to get your problems resolved as quickly as we can.