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How does the Winding Up Petition process work?

There are four main stages to the process:

  1. A creditor issues a petition at court and the winding up petition must then be served to the debtor company, usually at its registered office.
  2. After a minimum of seven days and no earlier than seven days before the court hearing, the petition is then advertised in the Gazette, making it a public matter. This allows other creditors to join the petition (as there can only be one active at any one time) using what is known as a ‘notice of support’.
  3. A court hearing is then scheduled approximately six weeks after the petition was issued allowing the debtor time to raise any legitimate dispute in respect to the petition or to allow the debtor the opportunity to settle the debt.
  4. At the hearing, if the court decides that the debt is valid and that the debtor company is insolvent and cannot pay its debts, then a Winding Up Order is issued, and this starts the process of compulsory liquidation.