Supporting Businesses Nationally
Winding Up Petition
Have you received a Winding Up Petition (WUP)
and are looking for advice?
How Opus can support business owners and directors
Our team can explain the options available to help return your business to profitability. We help business owners, directors and all stakeholders navigate their way through the uncertainty that distress brings.
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.
This is not a suitable process, and you should contact us immediately if there is the opportunity to save the business.
Our dedicated team is on hand to provide assistance to Directors of companies in financial difficulties. When a company is insolvent, a Director has a duty to minimise losses to stakeholders. Our senior management are available to talk to you about the problems you and your company face with complete confidentiality.
What do I do if I receive a Winding Up Petition?
A WUP doesn’t necessarily mean the end for your business, but it is essential to act quickly to prevent the WUP being heard at court. If no action is taken, the Order is made at the hearing for the company to enter into Liquidation. It is important to note that:
- Options to deal with your problems are extremely limited once the Order has been made
- If a winding-up order is made, any dissipation of assets after the date of petition is void
- When the WUP is advertised, your bank will freeze your company’s accounts, and suppliers and lenders are likely to stop trading with the company. This will escalate problems
You should contact us immediately upon receipt of the WUP to understand what options are available.
Resources and guides
Our latest articles to support decision making for business owners and directors. These provide an overview on what is going on in the market and information about the options available when a company is facing challenges.
For more information on business options, we offer an initial free consultation to review the situation and make recommendations on the best way forward.
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