Winding Up Petitions On The Rise – Company’s urged to Seek Advice

The Corporate Recovery Team have been reporting for some time now that winding up petitions against Company’s appear to be continuing to rise.

The last official statistics release by the Ministry of Justice where as follows: 3,382 company winding up petitions – an increase of 18% on the same quarter of 2007 and a 6% increase on the previous quarter.

A Winding up petition is a way of enforcing a judgement after a claim has been won, in an effort for creditors obtain payment of monies owed. However, unpaid tax and wages take priority over other debts for any of the debtor’s available funds.

Directors and business owners who are facing a winding up petition , or have just received and or even threatened with one should take the matter very seriously and take immediate action.

The Corporate Recovery team at Enable Finance can help protect a business and its Directors. If you have any concerns or would like to discuss your options you should contact Phillip Evans on 0797 0500 425.