Winding up petition
A Winding Up Petition is the final step in our debt resolution process when a company has been issued with a Draft Winding Up Petition that they have not responded to.
Our work for you will include:
- Presenting the Petition to Court
- Advertising the Petition
- Attending Court
- Liasing with all potential creditors
- Obtaining the Court Order and its administration
You will get legal representation in any discussions, which are likely to lead to their more favourable conclusion from your prospective. You will also get proper legal representation in any legal processes required, meaning errors are less likely and a favourable outcome (including the possibility of the recovery of legal costs) more likely.
How long will it take?
The time taken for our work to conclude depends on precisely what it is we are asked to do. We would expect to draft a petition and submit it to Court for issue within a week of taking your instructions. The Court normally only takes a few days to list the petition hearing and to return the issued petition for service. The Petition can be advertised (which is normally the stage a company will wish to avoid) 7 days after an issued copy is served on the company, The actual petition hearing date - where the petition may be granted - could be several weeks or months after the petition is issued.
Our work will be charged at a fixed fee of £850 including VAT.
This does not include a £1,600 Official Receiver's deposit plus £280 Court application fee (both are VAT free).
In many circumstances, the Petition Deposit may be refundable/recoverable.
If the matter does not settle, and/or a Court hearing occurs, then, the normal rule the Court applies is that the “loser pays the winner’s legal costs” – meaning if you succeed at least some of your legal costs may (and normally would) be recoverable from your opponents.
It is worth bearing in mind that:
- If you have paid us, we will pay to you any recovery that is actually obtained and received by us
- Any actual recovery may not cover your outlay even if you succeed
- Your opponent may be ordered to make a payment, but may fail to d so. That will leave you to consider enforcement action, which we will advise on if necessary
- Your opponent may appeal any outcome
- If you fail to succeed it is possible that some of your opponent's legal costs may (and normally would) be payable by you
- You still have to pay us regardless of whether or not you succeed
- We will advice you on any prospects or appeal.
If you fail to succeed or otherwise (depending on how the circumstances actually turn out), then further work may ensue. Any such work is not included in the fixed retainer, although you may ask us to do such work for you on the terms (and costs) which will be outlined in your engagement with us.
More detail of all these matters will be outlined in our retainer letter which you will be able to review before you engage us, after pressing the “Buy” button on the website.
Our fee applies regardless of how much work we actually do. In some cases this may mean we’ll get relatively better paid for doing less work than in other cases, in which the fixed fee will barely cover our costs. This is simply the nature of the mutual gamble between a solicitor and their client when they fix a fee.
If you have any questions or require any further information, please don’t hesitate to Contact Us.