Impact of a Winding Up Petition

Once a winding up petition is presented to the Court, a hearing date will be set with a view to placing the company into Compulsory Liquidation on that date.

The petition will be public knowledge and in particular must be publically advertised prior to hearing date.  Credit agencies will make a note of the petition on your company’s file.

Many banks will freeze company bank accounts once they are aware that a winding up petition is in place.

Even once a petition is in place it may still not be too late to rescue the company or to consider other Director led insolvency options such as a Company Voluntary Arrangement, Creditors Voluntary Liquidation or Company Administration.

Please take a look at our “Options” section to read more about your options.