Implications of winding up company

Unless you are very sure of winning, it is advisable that you avoid going to the court as much as possible because you will also have to cater for the expenses yourself. Therefore do not buy time by going to the courts because you might pay expensively for it. A winding up petition that you cannot counter within the given time of seven days means hat your company is out of business, maybe for good. As for the directors, they have just received their walking papers from the liquidator with a very low rating of D.

A winding up order means that they cannot be employed as directors elsewhere unless they are first cleared by the liquidator. The creditors will get their money after all. This was the reason that they went to court in the first place to draw a winding up company against you, their defaulting debtor. But after all, all is not lost because you can access help from business recovery experts and start another business.