Winding Up Petition Preparation and Service

Winding Up Petitions

Dealing with a long-term debtor can be damaging and difficult for an organisation, especially when that debtor is a limited company and the debt looks unpayable. The decision of how to progress can be difficult, and redress can be hard to achieve.

If you, as a representative of the creditor organisation, believe that winding up the debtor company is an option, turn to Hallmark Solicitors to clarify your legal situation and pursue the most satisfactory outcome for you.

Initial Consultation and Advice

Our team is made up of fully qualified legal professionals and are regularly instructed by clients facing winding up proceedings or those who wish to present a petition. You can be assured that you’re in safe hands.  We will act quickly and efficiently and in the best interests of the Company and the Directors.  We are dogged but pragmatic in our approach and our dedicated insolvency lawyers will be happy to review your matter and give you our initial assessment of your matter to preserve and ensure best possible chance of success.

Why Present a Winding Up Petition

Winding Up petitions are a very effective tool for the recovery of corporate debt. When Hallmark or another solicitor issues a Winding Up Petition, the debtor company has very limited time in which to act and is compelled to do so. They have seven days to either pay the debt in full, engage with their creditor to question the validity of the debt or enter into an arrangement. This is highly beneficial to a creditor pursuing a debt

Once a petition is advertised, it is not uncommon for banks to freeze the debtor's bank accounts to ensure that assets cannot be disposed of to the benefit of those within the debtor company. This assures the creditor of the fullest repayment possible.

Hallmark Solicitors support clients in navigating this complex but powerful process to their advantage. Request a consultation to secure our support.

How we Assist you

Preparation and presentation

We will generally prepare the Winding Up Petition and present it to the court on your behalf. If the court accepts and issues the petition we will assist in serving the petition on the debtor in accordance with the current insolvency rules.

Advertising the petition

The next practical stage we will undertake on your behalf is advertising the Winding Up Petition. A creditor must wait at least seven days after the petition is issued before placing the advertisement.

Reaching a favourable conclusion

It could be that your debtor has engaged with us but may not be fully able to settle the outstanding liability; we will advise you on suitable settlement terms or the seeking an adjournment or other suitable options. In short, we will discuss and advise you on the progress of your case and seek your instructions regarding the options available to you.