A petition against your company is not the end. But the clock is running.
Confidential help for company directors facing a winding-up petition. Your first consultation is free: you have nothing to lose.
Email help@directoraid.co.uk
What happens after a petition is presented
A winding-up petition follows a set path through the court. The further along it goes, the fewer options there are, so the earlier you act, the better.
Presented
A creditor files the petition at court.
Served
The petitioner serves it on the company, usually at its registered office.
Advertised
It appears in The Gazette. Banks commonly freeze company accounts.
Hearing
The court decides what happens to the petition.
Winding-up order
The company goes into liquidation and the Official Receiver takes control.
The risks to you as a director
- The company could be wound up. The Official Receiver takes control, trading usually stops and employees are dismissed.
- Bank accounts could be frozen. Once a petition is advertised, banks commonly freeze company accounts.
- Payments could be reversed. If the company is wound up, payments made after the petition was presented are void unless the court validates them.
- Your conduct will be investigated. Unfit conduct can lead to disqualification for up to 15 years.
- You could be personally liable. The liquidator can pursue directors for wrongful trading, misfeasance or an overdrawn loan account; guarantees can be called in.
- You could face personal bankruptcy. If you cannot pay, your home and personal assets could be at risk.
What can still be done
Every case is different. We will talk you through each route.
Pay or settle, with advice
Paying the debt and the petitioner's costs often ends a petition, but payments after presentation can be void. Take advice before paying.
Dispute the debt
If the debt is genuinely disputed on substantial grounds, the court can be asked to stop the petition. This must be done quickly.
Agree time
A creditor may agree time to pay and support an adjournment when a realistic proposal is put forward.
Rescue the business
Administration or a company voluntary arrangement (CVA) may save a viable business.
Ask the court to validate payments
A validation order can let the company keep trading while the petition is dealt with.
How Director Aid helps
We help directors in exactly your position: quickly, confidentially and in plain English.
1. Get in touch
Email us with your company name and, if you have it, the case number from the petition. Tell us as much or as little as you like.
2. Free consultation
Your first consultation is free, with no obligation. We look at where the petition has got to and explain your options.
3. We act fast
If you then want us to act, we will tell you clearly what it would cost before you decide. Time matters, especially before a hearing.
Your first consultation is free.
Email us now. Include your company name and, if you have it, the petition's case number, and we will come back to you promptly.
help@directoraid.co.ukEverything you tell us is treated in confidence.