What is a Winding Up Petition?
A Winding Up Petition (WUP) is a legal notice that a creditor has submitted to the court. A WUP can only be filed if you owe the creditor more than £750 and is ordinarily issued when a statutory demand goes unpaid for over 21 days.
The petition is heard in court and if the order is made, the Official Receiver is appointed as Liquidator. The petition is advertised prior to the Hearing at which time, the company’s bank account will be frozen.
There are serious implications for a director where assets are dissipated following the receipt of a WUP.
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