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Winding Up Petition
If you fail to pay a supplier for undisputed invoices, as and when they fall due, then your supplier (creditor) may issue a winding up petition for your company's winding up. The issuing of a winding up petition should not however be used or abused as a form of debt recovery.
Where your supplier is owed more than £750 and you have failed to pay their debt after either :
1) A statutory demand (formal written request for payment of a debt) has been made, or
2) The creditor has an unpaid County Court Judgment (known as a CCJ) against your company then the creditor can issue a petition for the Compulsory Liquidation of your business.