Once a creditor, or a group or creditors are owed more than £750 by your business, they can request a winding up order from the courts – this is known as a “compulsory winding up”. Most creditors will only approach the courts after issuing your business with a “statutory demand” (a request for payment), if this debt hasn’t been settled or an agreement hasn’t been reached within 21 days, they can then apply for the winding up order. If the winding up petition that you have received is not dealt with in a timely manner, your business will face a court hearing, at which point it could be forced into liquidation. We strongly recommend that if you have received one you seek professional advice as soon as possible.