If you have an aggrieved creditor threatening to issue a winding up order against your company, you need to get professional advice from an insolvency expert immediately.
This is an insolvency procedure that is started by a court order - a winding up order. A winding up petition is presented to the court, normally by a creditor, stating that the company owes a sum of money and that the company cannot pay. It may also be presented by the company itself, its directors or its shareholders.
It is usually seen as a more hostile form of insolvency and as such is not generally favoured by the directors of an insolvent company.
Official Receivers (ORs) handle the early stages of a compulsory liquidation. The OR will tell the company's creditors and contributories (mainly shareholders) that the company is being wound up. If there are significant assets, an insolvency practitioner (IP) may be appointed as liquidator in place of the OR, either by the Secretary of State or at the first meeting of creditors or contributories (shareholders).
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