Winding-up petition meaning

Step/action Time (days) Section/rule Prepare the statutory demand. Use Form SD1 (r 7.3 WU), being the Statutory Demand under section 123(1)(a) or 222(1)(a) of the Insolvency Act 1986 (previously form 4.1). Day 1. Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024, rr 7.2–7.3. Arrange and carry out service of the statutory demand on the company. Day 2 to 10. Section 123(1)(a) of the Insolvency Act 1986 (IA 1986). Give the company 21 clear days after service to pay the debt, or secure/settle it to the creditor’s satisfaction; failing that, proceed to wind up. Day 25 to 33. IA 1986, s 123(1)(a). Prepare the winding-up petition and supporting documents and issue three copies at court, with the court fee. While not stipulated by the rules, three copies will usually be adequate...

The Corporate Insolvency and Governance Act 2020 introduced, on a temporary footing, substantial restrictions on a creditor’s ability to pursue a winding-up order against a company. For guidance on the position prior to 1 October 2021, see Practice Note: Corporate Insolvency and Governance Act 2020—temporary changes to corporate statutory demands and winding-up petitions [Archived]. For the regime applying from 1 October 2021 to 31 March 2022 (which included a higher threshold for petition debts and required a creditor to give 21 days’ notice of an intention to present a winding-up petition), see Practice Note: Corporate Insolvency and Governance Act 2022—winding-up petitions from 1 October 2021 to 31 March 2022 [Archived]. Serve statutory demand Prepare a statutory demand that contains the particulars mandated by rule 7.3 of the Insolvency (England and Wales) Rules 2016 (IR 2016), SI 2016/1024 (see Practice Note: Company statutory demand), and instruct a process server to effect service...

Obtain necessary information to draft statement in support of application for validation order: a search of the company’s records a duplicate of the winding-up petition particulars of the debt and, if contested, particulars of the dispute current accounts and forecasts, with bank account statements information on the intended dispositions (including continuing trading where relevant) and/or transfers, together with supporting documentation if the asset is a property, identification of the property, including title numbers valuation evidence where any asset is to be disposed of See Practice Note: Validation orders—dispositions of property after commencement of winding up. Draft: a supporting witness statement from a director or officer of the company who is closely acquainted with the company’s affairs and financial position. Where appropriate, corroborating evidence from the company’s accountant should also be provided...

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Financial services developments FCA updates perimeter report and publishes work programme and fees proposals for 2026/27 The Financial Conduct Authority (FCA) has issued its annual work programme for 2026/27, refreshed its perimeter report, and opened consultation paper CP26/11, which sets out its proposals on the rates for regulated fees and levies for 2026/27. Responses to the consultation are requested by 30 April 2026. The Annual Work Programme sets out initiatives intended to streamline processes, remove friction where appropriate, and help firms operate more efficiently, while upholding high standards across the financial sector. It features, among other things: embedding AI in regulatory workflows to detect harm more effectively and accelerate regulatory decision-making processes using generative AI to review documents received from firms, supporting quicker, more timely decisions...

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Practice Note This Practice Note consists of two strands created to help dispute resolution practitioners remain up to date with developments in case law that affect their field, or which influence civil litigation procedure more generally: selected forthcoming appeals to the Supreme Court are highlighted below; see Key forthcoming appeals to the Supreme Court—2022 summaries of significant appeal decisions in England and Wales (ie rulings of the Court of Appeal and Supreme Court and, where appropriate, certain judgments of the Competition Appeal Tribunal, Judicial Committee of the Privy Council, Court of Justice of the European Union), and ECtHR, which we have covered; see: Key forthcoming appeal cases—2022 You can navigate this content using the table of contents in the left-hand margin. Alternatively, search this tracker using [CTRL]+[F]. This material is not intended to be a comprehensive register of every appeal or major decision relevant to dispute resolution practitioners. Key forthcoming appeals to the Supreme Court—2022 Tort and negligence ...

This Practice Note sets out, in broad terms, the route for petitioning the court to obtain a winding-up order on the just and equitable ground. Depending on the court handling the matter, you may need to observe additional requirements—see the section below: Court specific guidance. For definitions and key expressions used in relation to a just and equitable winding-up petition, see Practice Note: Just and equitable winding-up—what it is and when to use it—Key terms encountered when applying for a winding-up on the just and equitable ground. Preliminary considerations The focus here is chiefly on procedure where a just and equitable winding-up petition is issued as a stand-alone claim. As this is comparatively uncommon, variations in approach between, and indeed within, courts may arise, for example when listing a petition for initial directions. A request to wind up a company on the just and equitable ground is sometimes pursued as an alternative claim within a section 994 petition (Alternative Claim), as discussed in Practice Note: Just and equitable...

Unless the application proceeds without notice, once an application within insolvency proceedings has been issued, an early obligation is to serve the application and its supporting documents on the respondent. Challenges may arise where service cannot be completed because, for instance, the respondent cannot be located or is deliberately evading service. This Practice Note explores the options open to an applicant who cannot effect service of an application and accompanying documents in insolvency proceedings on a respondent. It does not consider alternative service methods for bankruptcy petitions, winding‑up petitions, or administration applications by which insolvency proceedings are commenced. For guidance on serving documents that commence insolvency proceedings, see Practice Notes: Practice Notes: How do you effect service of a creditor’s bankruptcy petition on the debtor and what if service cannot be effected? Compulsory winding‑up of a company—the process and procedure Court appointments of administrators—the procedure For reading on the service of applications made in insolvency proceedings, see Practice Note: Service of...

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Note: Use this precedent together with an application notice template that accords with and complies with the Insolvency (England and Wales) Rules 2016, SI 2016/1024—see also: (Form IAA) IR 2016, r1.35 VAR Insolvency Act Application Notice Application notice in insolvency proceedings (corporate) In the matter of the insolvency act 1986 Application Notice Company name Company number [ Insert company number ] [ Insert name of court ] For court use only Court case number: Between Applicant [ Name of Applicant (usually the company ] and Respondent Petitioning Creditor Is this application in insolvency proceedings already before the court? [ Yes OR no ] [ ....................... ...

[ contact’s name, position and department ] [ name of company ] [ address ] [ Your reference ] [ Our reference ] Dear [ insert contact name ] [ title and date of agreement and names of parties ] (the ‘Agreement’): Outstanding debt We write in connection with our [ [ invoice reference [ insert reference ] ] OR [ application for payment dated [ insert date ] ] ] [ and our correspondence to you dated [ insert date(s) ] ]...