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Insolvency Companies

Frequently Asked Questions

How do I wind up a company that owes me money?( + expand info )

  • How do I wind up a company?
  • A creditor may apply to wind up a company that owes them money by presenting a petition along with a statement of truth to the court on the grounds that the company cannot pay its debts.
  • How do I prove to the court that the company cannot pay its debts?
  • If a creditor is owed more than £750 they must serve a statutory demand (IN4_1*) for the money due at its registered office. The company must pay the money due or make an agreement or settlement within 21 days or a winding-up order can be made in respect of the company.
  • What is compulsory winding-up?
  • Compulsory winding-up is a legal process by which a liquidator is appointed by order of the court to wind up the affairs of a limited company. At the end of the process the liquidator applies to have the company removed from the register at Companies House and dissolved, which means the company ceases to exist.
  • If I wind up a company will I get the money I am owed?
  • Winding up a company does not mean that the creditor will be paid.
  • Which form do I need to claim wages from a company that has gone out of business?
  • Insolvency-Company IN4_1*. This can be served on a company to claim money. If the company does not pay within 21 days, form Insolvency-Company IN4_2 can be used to put them into liquidation.