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foreign a winding up petition is a form of legal action taken by a creditor to forcibly close a company due to unpaid debts if the petition to liquidate a company is successful a winding up order will be granted by the court and the compulsory liquidation process will commence what is the process for winding up a company when a creditor hasnt received payment after a number of unsuccessful attempts to recover it they issue a statutory demand alternatively they may have already obtained a county court judgment or ccj against your company if you dont repay the debts or agree on terms a solicitor will apply to wind up your business a winding up petition is sent to court and served on your company a court date is set seven days after the petition is served it is advertised in the London Gazette this is when your bank accounts will be frozen by your bank if matters arent resolved your company will be wound up by the court and you will lose control a liquidator is appointed who conducts a
