The following Restructuring & Insolvency practice note produced in partnership with Eleanor Holland of 4 Stone Buildings and Karl Anderson of 4 Stone Buildings provides comprehensive and up to date legal information covering:
STOP PRESS: The Corporate Insolvency and Governance Act 2020 contains provisions which, on a temporary basis impose significant limitations on the ability for a creditor to seek a winding-up order against a company. For the position pre-1 October 2021, see Practice Note: Corporate Insolvency and Governance Act 2020—temporary changes to corporate statutory demands and winding-up petitions [Archived]. For the position from 1 October 2021 (including an increase in the amount required for a petition debt and the need for a creditor to give 21 days’ notice of its intention to present a winding-up petition), see Practice note: Corporate Insolvency and Governance Act 2020—winding-up petitions from 1 October 2021.
This Practice Note provides guidance as to the practice and procedure which applies on the winding up of a company (the debtor) pursuant to a creditors’ winding-up petition.
The most common circumstances in which a winding-up petition will be issued are:
where a creditor has served a statutory demand on the debtor and the 21-day period has expired without the company paying, securing or compounding the sum so due (see Practice Note: Company statutory demand—the position under The Insolvency (England and Wales) Rules 2016). Note, however, that it is not necessary to issue a statutory demand before presenting a winding-up petition, but it is merely one method of demonstrating that
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