If your debtor is a limited company or limited liability partnership and you are owed more than £750 on an undisputed debt, then we can issue a Winding Up Petition against the debtor.
The Winding Up Petition is an order from the court for the debtor company to be compulsory liquidated so that the company assets can be sold in order to pay creditors.
The initial cost for issuing the Winding Up Petition including court disbursements is £1250 + vat all of which apart from £150 is usually recoverable on success.
If the debtor already has a live Winding Up Petition against them then we can arrange to support the Petition on your behalf at a cost of £150 + vat.
If you did choose to go ahead then the following steps are taken:
The Winding up Petition is presented in the District Registry and is personally served on the Company at its registered office address.
Following service of the Winding up Petition this is then advertised in the London Gazette.
This usually results in the Company’s bank account being frozen thereby affecting its ability to trade, which is often enough of a threat to prompt payment of the debt and costs.
If no response is received from the debtor to the Winding up Petition the Court usually orders that the debtor be wound up at the hearing, as long as all the required formalities have been complied with and a liquidator is then appointed.
If you wish to formally liquidate the company at the final hearing stage, then you would need to pay a further £1350 + VAT being the balance of the Official Receivers Fees however this is entirely optional.