A Winding up Petition (WUP) is a serious and very real threat from an unpaid creditor. It is likely that you have been unable to pay a creditor on time and they have lost trust in you and your business, forcing them to take action. Considering a Winding up Petition can be proposed for as little as £750, it is a readily available option for creditors to pursue.
A WUP is an official course of action which is taken by a creditor of a company to demand payment for debts it is owed. This means that if you do not pay the debts you owe to the creditor you will be forced into compulsory liquidation.
There are few things which will happen during the Winding up Petition process:
There are a few solutions to overcoming a WUP:
As your Winding up Petition will have an advert placed in the London Gazette, there is always a chance for other creditors to become worried about your ability to pay them. So, whilst you may have been able to pay off the initial WUP creditor, any other creditors are fully in their right to take over the petition until you pay them as well! This can become a lethal cycle, potentially seeing 3 or even 4 creditors taking action against you.
It’s time to contact the experts who can help you overcome the problems associated with WUPs. Here at Business Recovery, we can help you to:
For more information about WUPs and how we can help you, don’t delay and call us on 0800 157 7355.
Mark Jefferson is a seasoned commercial finance professional with over 25 years’ experience in financial services, much of that spent providing funding to SMEs. Mark has worked with many other firms in a similar situation to yours. Call Mark on 0800 157 7355 and you can also follow him on Google+
Every month Business Recovery help businesses improve their cash flow. Request a quote to find out how much extra cash you could raise.