Lawyers for Drafting a Petition to Recover Unpaid Debts

Our dedicated experts tailor the contents of the Draft-Winding Up Petition to meet your needs. This includes the following core information:

• Creditor’s details: name and address of your company, and other relevant identifiers, such as company registration numbers.
• Debtor’s details: name and registered address of the debtor company.
• Reasons for winding-up the company, including outstanding debts that have not been paid.
• Details of the debts: this should include the full amount of debt owed, as well as any other documents that may have been issued, such as a Company Statutory Demand.
• Supporting evidence for the petition: this may include invoices, unpaid demands and any correspondence with the debtor.
• Legal action that will be taken if this petition becomes formalised, including a request from the court or appointing a liquidator.
• Costs: include any costs that may be associated with the petition.
• Signature: this should be signed by the creditor or their legal representative.

It should also accompany a letter stating that if the petition is not responded to within the timeframe, this will be formalised and submitted to Court.

Before sending the Draft Petition to the debtor, we ensure that the debt meets the following conditions:

• The debt must meet the minimum threshold of £750.
• It must be an undisputed debt. This ensures that the debtor cannot refuse to pay or apply for an injunction if the matter were to advance legally.
• The debtor must be a company, as the process against an individual involves instructing a bankruptcy petition solicitor.

This means that the petition will remain valid if it were to progress to Court. For any queries related to Draft Petitions, our dynamic team can advise on the best course of action based on your specific circumstances.

There are several benefits that a Draft Petition offers. The main advantage is that it can save time through reaching a swift repayment. When a debtor receives a Draft Petition, it proves that you, as the creditor, are taking the debt seriously and threatens Court action if left unresolved. It can also offer a cheaper alternative without added legal costs.

Not only this, but a Draft-WUP can serve as evidence that you are taking reasonable steps to recover the debt if the matter is escalated. It also offers you more control over the process, by setting a deadline by which the debt needs to be settled before further action is taken. This results in a faster settlement.

Our specialists have years of experience in producing and serving Draft Petitions. Reach out to one of our solicitors and we can act quickly to reach a resolution.

If the Draft Petition doesn’t result in debt repayment, the next step would be to submit a full Winding-Up Petition to legally recover the debt.

However, this is often a last resort.

Draft Petitions offer a more effective and smooth process of recovering debts, with the majority of cases resulting in full debt repayment. Get in touch with one of our Draft-WUP specialists today for tailored and professional advice.

The time taken for our  work to conclude depends on precisely what it is we are asked to do.  We would expect to have completed an initial draft within a week of taking your instructions.  Special dispatch may be available where necessary at an extra charge.  The debtor will be given 7 days to respond.