Winding Up Petition Advice
80%
Over 80% Of Debt Wiped
Out On Average
100+
Companies Helped
£££
£Millions In Debt
Written Off
Winding up petition advice UK
In most cases, we want to maintain a good relationship with those we owe (creditors). However, sometimes we must fight against circumstances that might impede a business’s productivity. A winding-up petition is a legal action often taken by creditors when they are owed an outstanding. In order to issue a petition in court, a company only needs to have at least £750 in arrears, but if this is left undealt with, then it can have a detrimental impact on both your company and the creditors in question. A failure to carry out the duties of the court can result in you being banned for up to 15 years as a director. Even worse, if the debts are left unpaid, the court will look to liquidate an enterprise. However, all is not lost. The Boardroom Punks offer innovative alternatives so that you can avoid the negative consequences of a winding-up petition. We are a team of expert negotiators and savvy business-minded individuals who want to help you rescue your company. If you are facing a winding-up petition or have fears that you may be issued one, read on to find out how you can save your business.
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Winding up Petition Advice - The Punk way
At Boardroom Punks, we take an innovative new approach to helping businesses. We aim to work on every financial solution possible before the insolvency practitioners are called in. If you seek advice concerning a winding up petition, be assured that we have your interests in mind. SMEs are the backbone of our local economy, and we want to ensure that they are protected at all costs. Jobs, livelihoods, families, and futures are all interconnected with SMEs. The alternative approaches we offer are designed to protect both your business and lifestyle.
WHO ARE THE BOARDROOM PUNKS?
Our business model was founded upon our managing director David Morgan’s experiences. In 2008 he received the news that his chain of opticians was trading insolvent and facing liquidation. After battling with the liquidators and the loss of assets of over £250,000, David dedicated his time to finding alternative solutions that would help with restructuring both his own business and the SMEs of the future. Today, Boardroom Punks is the solution that our director strived for, and we believe that we have the right tools in place to get any business back to a state where it can stand on its own two feet.
However, don’t just take the claims of expertise from ourselves. Our business experts have tested their skills in many different trading models. Beauty salons, haulage companies, decorators, and even jewellers have all needed the advice of Boardroom Punks. Whatever type of company you are looking to salvage, know that our solutions have been tried and tested across many different businesses. Some of the cases we are currently working on include businesses in the fitness industry, window installation, and wine. We always encourage our future clients to reach out and speak to those who have worked with us, as they are the best proof of our success.
How to Deal with a Winding-Up Petition
At first glance, this may seem ominous to a company director. However, there are ways around a winding-up petition. Firstly, a director can apply to cancel a winding-up order if they deem it to be unsuitable for paying the creditors. This must be done within five working days of the order being issued.
One can also attempt to negotiate terms with the creditors. As mentioned above, the creditors only need proof of £750 of a debt not being paid over 21 days to apply for a winding-up petition through a court. If the debt is not too excessive, a director can likely organise a repayment plan. The Boardroom Punks are experts in organising something known as a Company Voluntary Arrangement (CVA). With a CVA, the debt will be renegotiated, as will the timeframe at which it is to be paid.
In 60% of cases, a winding-up petition is issued by HMRC. Negotiation is possible here too. We are experts at working with HMRC to organise financial options that suit both the company in question and the taxman.
Often a winding-up petition is one of the last options available for the creditors and HMRC before insolvency is declared. Because of this, it is not a decision made lightly. Court deposits can be upwards of £2600, and it can cost an additional £800 to issue the order. Both creditors and HMRC understand that it may be a financial risk to undertake such an action, and so the situation must be treated with great sensitivity. At the Boardroom Punks, we want to ensure our clients that we will try our best to apply innovative solutions to clear the debt. If a director has us in their corner, then this will communicate both to the creditors and HMRC that serious action is being taken to repay the arrears.
If you are a director and have received a winding-up order, then it can feel like the end of the road. This is not the case. We are here to help you through this challenging phase of business, and we believe that we can arrive at a solution that suits all the parties involved.
With a free and confidential phone consultation, you can express any concerns surrounding debt you may have without any unnecessary pressure. If we believe that we can create an effective plan for your business, we will organise a meeting to analyse the problems in greater depth so that you can see how serious we are about saving the SME in question. Once the numbers are agreed upon, we will outline and execute the master plan that will allow your business to grow.
You are not alone during these difficult times, and the Boardroom Punks have your back
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“I was in a very bad place, David and his team saved my life, they were the ideal choice.”
Alan T
“The team at Boardroom Punks genuinely care and listen to client’s needs; most firms simply want the solution for a client where they make the most money.”
Mike W
“We had VAT issues that were affecting our ability to control cash flow. Since working with the Boardroom Punks team we’ve been able to move our business forward with a solution that perfectly suited our needs.”