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Insolvency solicitors
Every debt is different.
Winding up petitions
To petition the court for a winding up order against a corporate debtor, the debt must be undisputed, and the company must be shown to be unable to pay its debts as they fall due.
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Proving the debtor cannot pay
The quickest way to prove inability to pay is to demand repayment. If the debtor fails to pay within three days, this can be used as evidence of insolvency. Often, the threat of further action is enough to prompt payment. -
Statutory demand
A formal step is to issue a statutory demand. The debtor then has 21 days to repay or reach a settlement. This process helps identify any disputes early and makes later court action more straightforward. -
Winding up petition
If the debtor still cannot pay, we can present a winding up petition to the court. Once advertised in the London Gazette, this freezes the debtor’s bank accounts and alerts other creditors. -
Liquidation
If the court grants the order, an official receiver is appointed to liquidate the company. Secured and preferential creditors are paid first, while any remaining assets are shared proportionally among unsecured creditors.
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