What is a winding up petition?
If a winding up petition is brought against your company, it can be a stressful time. They can be issued by any creditor who is owed more than £750, seeking compulsory liquidation of your business so that they can raise money from your assets to pay off your debts.
If a creditor is threatening your business with a winding up petition you should act before it is issued, as once granted, it can significantly harm your business. For example, if your bank learns that someone has been granted a winding up petition against your business they may freeze your bank account to protect their interests.