Published: 21/06/2021 By Hannah McCormackThe government has recently announced that the restrictions previously set out back in March 2020, on statutory demands and winding up petitions will remain for a further 3 months until 30th September 2021. This is to protect companies from any creditor enforcement action but only where the debt is in relation to Covid-19.
If you would like further information regarding any of the government announcements please visit https://www.gov.uk/ or give one of our qualified Insolvency Practitioners a call on 020 8661 7878, they will happily go through any of the restrictions with you at no charge.
What is a winding up petition?
A creditor who is owed a debt from a company of £750 or more can file a petition at Court to have the company placed into liquidation.
This normally follows a formal demand for payment to the debtor company if they have not settled the debt (or reached an agreement to settle the debt) within 21 days of service of the demand. Read more on Winding up petitions here
Or watch our short video below on how winding up petitions work