Natalie Hughes Director and insolvency practitioner /SimplyCorp /SimplyCorp
DON’T GET WOUND UP,
SEEK ADVICE A Winding Up Petition (WUP) is a legal action taken by a creditor to liquidate a company due to unpaid debts. It is typically a last resort after other recovery methods have failed.
Winding Up Petitions are a court procedure, and as such, must follow a strict process as detailed below:
1. Petition Filed: The process often begins with a statutory demand. If the debt remains unpaid after 21 days, a creditor owed at least £750 – including HMRC– can apply to the court for a WUP.
2. Seven-Day Window: Once the petition is served, the company has seven days to act. Options include paying the debt, negotiating a settlement (for example, a payment plan), or disputing the debt. This period is crucial to avoid further legal and financial consequences.
developed, its magnitude to deliver on budget and to the timescales that we know everyone is keen for us to meet.
“This design does this without compromising on ambition or vision, and we cannot wait to reveal more about the visitor experience in due course.
is developed in tandem with our brilliant partners in Morecambe and throughout the North West and will be something for us all to be proud of.”
Caroline Jackson, leader of Lancaster City Council, said: “These eye-catching images make the Eden Project Morecambe a reality.
The new structures reflect our unique
and beautiful bay in their design and we can feel the momentum growing now as the project team comes together
“Eden Project Morecambe is going to ultimately become the destination from the community, for the community, and
“The new structures reflect our unique and beautiful bay in their design and we can feel the momentum growing now as the project team comes together. It is taking time to get the project right but it will be worth the wait.”
The project will be situated on the central promenade of Morecambe, on the former site of the Bubbles leisure complex with the Grade II listed Winter Gardens and Midland Hotel its near neighbours.
The project is being delivered in partnership with Lancaster City Council, Lancashire County Council and Lancaster University.
The government is contributing £50m to the project after accepting the business case behind it last year, with the rest of the cash set to come from the private sector.
Construction is expected to start in March next year and be completed by August 2028.
LANCASHIREBUSINES SV
IEW.CO.UK
3. Public Notice: If unresolved, the petition is advertised in the The Gazette, alerting the public and other creditors. This step often results in immediate reputational and operational damage.
4. Bank Accounts Frozen: After advertisement, banks typically freeze the company’s accounts to prevent asset dissipation or further harm to creditors.
5. Winding Up Order: If the court grants the petition, a Winding Up Order is issued, placing the company into compulsory liquidation. An Official Receiver is appointed to handle the process, including selling assets and distributing proceeds to creditors.
Due to the severe implications, directors should seek advice urgently upon receiving a petition. As insolvency practitioners we are licensed to provide you with the right advice and expert guidance you need during these times, call Simply Corporate for immediate help and advice.
For further help and advice call
Natalie Hughes on 01282 222420
simplycorporate.co.uk
7
IN VIEW
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52 |
Page 53 |
Page 54 |
Page 55 |
Page 56 |
Page 57 |
Page 58 |
Page 59 |
Page 60 |
Page 61 |
Page 62 |
Page 63 |
Page 64 |
Page 65 |
Page 66 |
Page 67 |
Page 68 |
Page 69 |
Page 70 |
Page 71 |
Page 72 |
Page 73 |
Page 74 |
Page 75 |
Page 76 |
Page 77 |
Page 78 |
Page 79 |
Page 80 |
Page 81 |
Page 82 |
Page 83 |
Page 84 |
Page 85 |
Page 86 |
Page 87 |
Page 88 |
Page 89 |
Page 90 |
Page 91 |
Page 92 |
Page 93 |
Page 94
