How To Find Out If A Winding Up Petition Has Been Issued

If you are a creditor, it’s wise to check if another creditor has already issued a winding-up petition against a company. This allows you to “piggyback” on their petition, saving you the costly legal process.

If you are a director worried that your own business has been served with a petition, the information below still applies, but you should seek urgent professional advice immediately, as early action saves costs in the long run.

What is a Winding-Up Petition?

A winding-up petition is often seen as the last resort for creditors. It is an expensive legal option that has serious consequences for the company. It occurs when an unpaid creditor petitions the court to have the debtor company wound up.

Here is an overview of the process:

• The creditor submits the winding-up petition to the court.
• The court then serves notice on the debtor company.
• The petition is advertised in The Gazette.
• The court hears the petition and either dismisses or approves its completion.
• If approved, it is escalated into a winding-up order, and the process for compulsory liquidation begins.

3 Ways to Search for a Winding-Up Petition

If you are a creditor trying to find out if a petition has been issued against a company, here are three ways to check:

1. Search in The Gazette
   The London Gazette acts as the official public record for the British Government. It publishes all petitions in England and Wales as part of the legal process. This is the easiest way to find out if a petition has been issued, as you can access lists of notices in print or online.
2. Visit the Companies Court
   You can visit the Companies Court in London, where the petitions are heard. The court has a computer system with records of all winding-up petitions. You can use one of the public terminals to conduct your search. This is an important step you must complete before issuing a petition yourself.
3. Ask Your Lawyer or Subscribe
   If you are likely to issue a petition, your lawyer will subscribe to a service that provides information about new petitions. However, this is very expensive and often not viable for small businesses. Alternatively, some credit rating agencies, such as Creditsafe, also subscribe to this information and will display it in their records.

Final Advice

A winding-up petition is the beginning of a very serious process. If you believe you might be subject to one, seek expert financial advice straight away.