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The most common reason for a creditor to present a WUP is to force payment or to wind up the company. A creditor (amongst other stakeholders) can apply to court or wind up a company if it can’t pay its debts. This is also known as Compulsory Liquidation.
It is a serious lawful action which can be taken against a company and must be acted upon quickly.
If your company has had a WUP presented against it you will need to address this urgently as significant repercussions and ramifications will automatically occur in respect of your business.
If you would like to speak to a qualified insolvency practitioner immediately, please fill in this contact form or call 020 7538 2222 and ask to speak with a director of SFP.
Once a creditor decides to present a WUP, they need to file it at Court. The WUP petition costs around £2,000 to £3,000 with solicitors’ fees and must be for a minimum outstanding debt of £750.
A copy of the WUP will be presented to the Company at its registered office. Within the WUP you will find the details of the debt, including any action taken to encourage repayment. The petition will be heard at a hearing of which the date will be decided by the Court.
Upon receipt of the WUP, your business will have a few options:
A WUP must be advertised in the London Gazette (and potentially local press), subject to certain conditions. It is important to avoid this from happening where possible, as the advertising of a WUP will likely lead to the freezing of bank accounts, causing significant operational difficulties.
If you have received a WUP and want to stop your business from going into Compulsory Liquidation, you must act very quickly and should consult with a professional advisor such as an insolvency practitioner.
A qualified insolvency practitioner will be able to help sum up the pros and cons of your next move and help formulate a plan in line with your objectives. This can involve one or more of the following possibilities:
No matter what the reason, if you are experiencing financial difficulties the key is to seek early professional advice.
The SFP Group has been voted the best business recovery specialists in the UK by the Business Moneyfacts Awards over the past 5 years and are experts at helping you find a solution which works. Fill in our call back form or call us now on 020 7538 2222.