Kevin McLeod
Written By Kevin McLeod
Licensed Insolvency Practitioner
January 26th, 2022

A winding up petition is by far the most serious form of action a creditor can take against a company that owes it money, as, if approved by the court, it will result in the liquidation of that company. That means the business will be shut down and its assets will be sold for the benefit of its creditors.

Given that the repercussions of a winding up petition can be so damaging, it is essential that a prescribed range of rules and regulations are followed in the completion of the necessary documents. These documents can be completed by the creditor themselves, but if they are filed incorrectly, it is likely the petition will be dismissed and the costs could be awarded against the creditor. For that reason, most creditors seek professional assistance when completing and submitting the winding up petition documentation.

Winding up petition – Form Comp 1

The winding up petition must be completed in the prescribed form. Details must be given in this form to:

  • Identify the debtor company and the petitioning creditor;
  • Establish that the court has jurisdiction;
  • Give the grounds for the winding up petition;
  • Provide details of the evidence that supports the debt and the attempts made to collect it;
  • Establish whether the proceedings will be main or non-main proceedings under EC Insolvency Regulations;
  • Support the contention that the company is insolvent;
  • State that a winding up order is sought.

Statement of truth – Form Comp 2

The petition must also be verified by a statement of truth. This can be included as part of the petition or as a separate document. The statement of truth must be signed by the petitioning creditor and authorised on their behalf. It should also state why the EC Insolvency Regulations will or will not apply. The statement of truth must be written and signed no more than 10 days before the petition is issued.  

Certificate of service – Form Comp 3

Immediately after the petition has been served, the petitioner must file an affidavit at court to verify the service of the petition. This is called the certificate of service. This must be sufficient to specify the date and manner in which the petition was served.

Advertisement of winding up petition

The winding up petition must be advertised by the petitioner in the London Gazette. This should give notice of the petition and detail when and where the petition will be heard. It should also invite those who wish to support or oppose the petition to attend the hearing.  

A list of people attending the hearing – Form Comp 4

The final piece of documentation necessary to complete the process is for anyone wishing to appear at the hearing to give notice to the petitioner. On the day of the hearing, the petitioning creditor must then supply the court with a list of persons who have indicated their wish to attend.

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