Can I wind up my own company?
What’s the most appropriate closure method for my business? Sometimes, closing your own company can be the cheapest option. It’s known as Voluntary Dissolution. After you’ve stopped trading and settled debts, you can request to remove your company from the official register at Companies House. If your company meets the criteria and there are no […]
Winding up Petitions and Orders: Process and Procedure
What is the process for issuing a winding-up petition?
What happens when a Winding Up Order is made?
What does a Winding Up Order mean and can I challenge it? A Winding Up Order is a court command that allows your company into liquidation. The High Court appoints the Official Receiver to sell the company’s assets, repay its creditors, and shut down the company. To rescue your business, you can contest a Winding […]
Defending a Winding Up Petition: Can a Winding Up Petition be withdrawn?
What steps can you take to stop a Winding Up Petition? If a Winding Up Petition has been issued against your company by a creditor, you’re in a risky position. Ignoring the petition and hoping it disappears greatly increases the chance of your business being wound up by the court and liquidated. Fortunately, there are […]
What is Business Asset Disposal Relief in an MVL?
Understanding Business Asset Disposal Relief (BADR) in a solvent liquidation (MVL) Business Asset Disposal Relief, formerly known as Entrepreneurs’ Relief, is a tax relief scheme designed to reduce the Capital Gains Tax rate payable upon the sale or liquidation of a solvent company. Through this relief, Capital Gains Tax can be decreased to 10% for […]
The Legal Ramifications of Winding Up a Company With Debts
What are the legal consequences of winding up your company with debts? On 28 March 2020, the government revealed fresh measures to help struggling businesses due to the coronavirus. Changes to insolvency law will provide companies with a pause to continue operations while they seek rescue options. Wrongful trading rules will also be temporarily stopped, […]
My business bank account has been frozen – what can I do?
Understanding how a validation order could unfreeze your company’s bank account If you’ve found your limited company bank account frozen, it’s likely due to a Winding Up Petition (WUP) issued against your business. With no active bank account, your business operations will likely come to a sudden stop. If you don’t respond to the WUP, […]
What is a Validation Order for a frozen business bank account?
How to apply for a Validation Order to unfreeze a business bank account? Many business leaders know that receiving a winding-up petition (WUP) is serious. But what surprises some is finding their bank accounts frozen when they come to work. This freezing is a common part of the WUP process. Banks usually freeze accounts after […]
What is the difference between a Statutory Demand and a Winding Up Petition?
The difference between a statutory demand and a winding-up petition If you’ve received a statutory demand or faced a winding-up petition threat, you might be concerned about your company’s future. Though both terms are different, both processes are profoundly serious actions by creditors and present a real threat to your business’s future. What are […]
Understanding a Creditor’s Petition and the process that follows
What happens when a creditor issues a Winding Up Petition against your company? A creditor’s petition, often called a Winding Up Petition (WUP), is usually the last action a creditor can take to collect a debt that has been unpaid multiple times. Issuing a WUP is costly and brings severe consequences for the targeted company. […]