A CREDITORS GUIDE TO WINDING-UP PETITIONS

A winding-up petition (WUP) allows a creditor to initiate the court process for the liquidation of a company that has not paid its debts. A winding-up petition is a serious legal matter that can have grave consequences for a company and its directors.

Directors must be able to make an informed decision when confronted with this scenario by understanding the process and its implications. The petition can usually follow an unpaid statutory demand or an unsatisfied judgment debt, and once advertised it can affect banking facilities, supplier confidence and the debtor company's ability to continue trading.

Since 2015, Tracenet Legal Services has managed and effected the service of winding-up petitions upon debtors across the country. We are a multi-award-winning UK process server providing business-to-business litigation, insolvency and recovery support services directly to debt recovery professionals and legal teams.

A winding-up petition should be handled carefully because defective or delayed service can create avoidable complications. Our role is to attend promptly, effect service where possible, report clearly, and provide evidence suitable for the instructing solicitor or creditor.

If you need assistance arranging service of a winding-up petition, please call 0800 048 5684 or contact us for nationwide support.