What can I do if another party issues winding-up proceedings against my company?

A winding-up petition is an attempt to have a company compulsorily put into liquidation by the court. A winding-up petition can have a devastating effect on a company’s business. Usually, banks will shut down the company’s bank accounts and there may be long-term damage to the company’s creditworthiness. The company’s reputation can also suffer if customers and suppliers get wind of insolvency proceedings.

It is therefore vital to seek injunctive relief if you suspect that a creditor or other party intends to present a winding-up petition. At Vardags, we can help you act fast to prevent damage to your business.

If you have already been served with a winding-up petition, we can help you apply for an injunction to prevent the petition from being advertised in the London Gazette. This should stop the majority of your customers and suppliers from finding out about the petition. The company or individual who has presented the winding-up petition must wait for 7 days after serving the petition on you before advertising it. This gives you an excellent opportunity to seek an injunction, so if you have been given a winding-up petition in the last 7 days, you should call us urgently.