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Questions
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It is a legal action by a creditor asking the court to close your company and liquidate its assets. It is usually the end of a longer recovery process, not the start of one.
Less than it feels. Once the petition is advertised in the Gazette your bank will usually freeze the account, and that often happens seven working days after service.
Often, yes — by adjourning the hearing to buy time, by binding the creditors into a Company Voluntary Arrangement, or by satisfying the petitioning creditor so they withdraw it.
Ring us the same day. A validation order can let the company keep trading while the petition is dealt with, but it has to be applied for.
A Company Voluntary Arrangement is a legally binding agreement to repay creditors over a fixed period, often at a reduced amount. It is not advertised, and the company keeps trading.
The arrangement itself is not advertised in the way a petition is, though it is recorded. That is one of the reasons directors choose it.
For the company. Where a director’s own position needs separate advice we will say so rather than assume.
No. We are an insolvency consultancy. We instruct insolvency barristers in the Insolvency Courts and work alongside licensed insolvency practitioners.
It depends on the route, and we will tell you before anything is incurred. The first conversation costs nothing.
The petition if one has been served, the company name, and a quick picture of who is owed what. We can work from very little at first.
Read more on this
What the court will actually be asked to decide, and on what evidence.
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What a CVA is, what it binds, and how long it runs for.
Once it is in the Gazette the clock speeds up.
If a petition has been issued against your company, the sooner we know the more there is to work with. Monday to Friday, 9am – 4pm.
Insolvency consultancy
Colroger Offices, Lender Lane Mullion, Helston TR12 7AJ
info@fastspeedlegals.co.uk
Monday to Friday, 9am – 4pm
Winding up petitions County Court Judgments Company Voluntary Arrangements Voluntary Liquidations Court representation
