1st Formations Blog How does a winding-up petition work?

When a company can’t pay its debts, creditors can apply to the court to ‘wind up’ (close) the business to recover the money they are due. This application is known as a winding-up petition. If successful, the petition will result in the company’s compulsory liquidation. It is a serious action that creditors typically only use […] The post How does a winding-up petition work? appeared first on The 1st Blog.