Winding up order

[Jacob albert]

Hi there. We will be going to an ip in a couple of weeks to ask him to close the company. Its too close to mess around doing a cva to stop creditor pressure. Most amounts we owe are small less than 750 but there are a couple more than 3k. I'm worried these creditors could issue a winding up order. Not sure how that process works. Could I turn up one morning with a notice on the door saying we've been wound up or would we receive notice of intent to wind us up?

 

[Gavin Bates]

Hi

A winding-up petition is a slow process so whilst you may get the paperwork for a court hearing for a winding-up petition normally the hearing date will be a few weeks away.

Regards

Gavin

 

[JEREMY HAWKE]

Would they actually go though the winding up procedures for less than 3k it could costs them that in fees and legal costs

 

[Jacob albert]

Cheers for the reply guys. Gavin, it sets my mind at rest somewhat but once the process has started for a winding up is it then too late to go to our ip to close it down? Not sure about fees Jeremy for someone yo apply for us yo be wound up? I've no idea

 

[Mr D]

I had a creditor that the company owed 15 grand to.
They decided not to do a winding up order as not cost effective. Low assets, no money - and they may well spend good money chasing after bad.

 

[Lisa Thomas]

Highly unlikely that a creditor will wind up for that level of debt, its not commercially viable.

It will costs them at least £3k to liquidate plus if you are washing it through a CVL they will likely sit back and let you get on with it.

Also a CVL will be in place before any formal winding up order, if you are proactive.

 

[Lisa Thomas]

[QUOTE="t once the process has started for a winding up is it then too late to go to our ip to close it down? [/QUOTE]

No it won't be too late unless and until they have advertised the petition in the Gazette, which is usually about 2 weeks before the hearing

Has anyone actually issued a statutory demand and threatened a winding up petition?