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0203 319 6335InsightWritten for the director who has just had the letterHelp - My Bank Account Is FrozenDealing with a frozen bank account due to a winding up petition can be daunting, but understanding your options can make your path clearer.Published: 2024-12-03How a Validation Order Can Open Up a Frozen Bank AccountIf your bank account is frozen due to a winding up petition, obtaining a validation order from the court can be a viable solution.A validation order is a court order that allows certain transactions to occur even after a winding up petition has been presented. This can be crucial for maintaining essential business operations.Benefits of a Validation Order

Access to Funds: You regain access to your bank account for approved transactions.

Continued Business Operations: Essential business activities can proceed, minimizing disruption.

Improved Creditor Relations: Showing commitment to resolving issues may improve relations with creditors.

How a Company Voluntary Arrangement (CVA) Can Unfreeze a Bank AccountA Company Voluntary Arrangement is another effective tool for businesses facing insolvency pressures. Here’s how it can assist in unfreezing your bank account: A CVA is a legally binding agreement between a company and its creditors to restructure debt and improve the company’s financial standing. It allows businesses to continue operating while repaying creditors over time.Advantages of a CVA

Debt Restructuring: A CVA allows for the restructuring of debt into manageable payments.

Business Continuity: The company can continue trading while addressing financial issues.

Creditor Approval: With creditor approval, the CVA can serve as an alternative to liquidation, preserving jobs and business operations.

So get in touch with Fastspeed Legals today, we can assist you with your Winding up Petition by requesting a delay of your petition being advertised and organise for representation at your Court Hearing to give you more time. We will oversee to unfreezing your company bank account and assess your business for a Company Voluntary Arrangement. However If you were looking at how to safely close down your company, we can assist you with a Company Voluntary Liquidation.What we can do about itWhere to go from hereWinding up petitionsAdjourn the hearing, arrange a CVA, or have the petition withdrawn.What we doCheck your petitionGive us the company name and we will check the public record for you.Check my companyHMRC debtPAYE and VAT arrears are the usual route to a petition, and the most negotiable.How it worksTalk to us todayIf a petition has been issued against your company, the sooner we know the more there is to work with. Monday to Friday, 9am – 4pm.0203 319 6335Send a messageFastspeed LegalsInsolvency consultancyContactColroger Offices, Lender Lane Mullion, Helston TR12 7AJ0203 319 6335info@fastspeedlegals.co.ukMonday to Friday, 9am – 4pmWhat we doWinding up petitions County Court Judgments Company Voluntary Arrangements Voluntary Liquidations Court representation