In terms of urgency, when your business is in the final stages of insolvency, statutory demands, petitions and winding up orders are at the top of the list. If you are a company director and are being faced with these issues, you may find it helpful to speak with us sooner rather than later.
Winding up Orders/Petitions and Statutory Demands
Winding up orders/petitions are a statement of intent from one or all of your creditors that they are looking to close your company as a result of unpaid debts. This is the most powerful action that a creditor can take and you should heed these very seriously indeed. Statutory demands also need to be heeded and acted upon, in most cases you should then speak to a licensed Insolvency Practitioner (IP) without delay.
If these demands are ignored, your creditor will usually make your situation known to any other creditors and they will most probably follow suit. Your bank will freeze the company accounts and this can cause even further issues and seriously compromise your ability to trade effectively.
Speak to us just as soon as you receive such a petition and we will do our utmost to assist you in every way possible. No matter how small or large your company is, we can and will help you to either postpone or avoid winding up.