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Winding Up Petitions And Bankruptcy Orders – What Is Involved?

Last updated: August 12, 2021

The quick answer

If your limited company is wound up by the Court or you are made bankrupt then you will lose control of your assets and your business. A Liquidator or Trustee in Bankruptcy will be appointed to sell the assets and close the business. In both cases, this person will be a Licensed Insolvency Practitioner like us.

If you think that you can pay the debts or there is a better outcome you should try and avoid bankruptcy or a winding up.

In more detail

A Winding Up Petition is a notice from a creditor asking the Court for a hearing time and date to decide your limited company’s fate and whether or not it will be forced into liquidation for non-payment of debt. A bankruptcy order applies to an individual rather than a limited company.

You will only be wound up or made bankrupt after a Court hearing that you can attend and argue your case. If in doubt, I would suggest you hire a good solicitor or your own insolvency practitioner to attend the hearing. It may be that you decide to let the hearing happen.

Once wound up or bankrupt you will lose all control of your business. You will also have a legal duty to co-operate with your liquidator or trustee free of charge under sections 235, 236 and 336 of the Insolvency Act 1986.

tip

If you need insolvency advice the earlier you talk to someone like us the better as you will have more options. We can help, contact us today.

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What is an Insolvency Practitioner?

How To Know If Your Business Is Insolvent?

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Author: David Kirk - ACA FABRP
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Just a quick email to say a heartfelt thank you for your very calm, considered, expert advice regarding my circumstances on Tuesday. Things looked bleak before you explained my options much more clearly, in simple layman’s terms.
Rob Elliott
Kirks and their team recently advised me on the Members Voluntary Liquidation (‘MVL’) process. They made it very simple for me to understand the process, they kept me up to date with progress throughout the liquidation and expertly answered any queries I had. All interactions with Kirks were highly professional and it gave me confidence that my liquidation was safe in their hands. They promised a straightforward process and certainly delivered – I highly recommend the team at Kirks to assist with your MVL.
Daniel
Kirks provided a very efficient and cost effective service. They offered support and advice throughout the process and made prompt payments. It was a very professional and helpful service.
Richard
We have just had the pleasure of working with Kirks, to complete the closure of my company, everything went smoothly and professionally. I would recommend this company and the staff very very helpful and quickly finalised everything. Thank you Kirks.
Carol Hill
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We appointed Kirks to manage the process of an MVL when we had ceased trading and found their service to be very straightforward and thorough. A fixed fee arrangement provided us with reassurance and David explained the process clearly to us at the outset. A very professional service all round
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I have found Kirks Insolvency to be very reliable in terms of their dealings with us as their customers. They are clear in terms of the process and what it entails and are very prompt when it comes to communications. I would recommend their services.
Michale P
I was very impressed with the speed and efficiency with which Kirks undertook the MVL and their help and assistance in explaining the process and resolving any queries.
Anon
Before meeting with Kirks, I had already met with a number of other insolvency practitioners none of whom I considered to be as clear cut and up front as David. The liquidation was executed quickly and professionally and I really am happy that I have done it.
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Just a quick email to say a heartfelt thank you for your very calm, considered, expert advice regarding my circumstances on Tuesday. Things looked bleak before you explained my options much more clearly, in simple layman’s terms.
Rob Elliott

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