Winding up

[Jacob albert]

Hi all. Mine and my partners company in the next few weeks will closed. We intend to go see our Ip and ask them to close us. We do have suppliers we owe money to and we've had County Court letters and also one statutory demand. At what point is it too late to appoint our own ip. If the company that has issued the statutory demand then goes on to apply for a winding up petition is that too late? Ie once that process has started or is it only at the point of a winding up order it's too late? Thanks in advance

 

[Chris Ashdown]

Does the company have the assets to pay for a IP

 

[Lisa Thomas]

The sooner you take advice the better but once any petition has been issued it gets quite hard to start your own process and once the petition has been advertised it's practically game over.

The creditor can agree to withdraw their petition but the hearing will remain in place in case another creditor wants to piggy back on it.

If a creditor is going to Liquidate the Company it might be better to let them continue with winding it up, depending on the circumstances.

Alternatively you would be looking at a Creditors Voluntary Liquidation with an IP or a Compulsory Liquidation via the Court.