Does a Winding Up Petition require a Deposit?
A winding up petition cannot be presented to the court unless a deposit has been paid by the petitioning creditor. The deposit must be paid to the Department of the Economy and a receipt produced before the proceedings can continue. The winding up petition (Form 4.02) along with an affidavit (Form 4.03) must be completed. The petition can then be filed at court along with the relevant court fee and deposit. The court then decides on a place and date for the petition to be heard.
The total court fee for issuing a winding up petition is £1,880, and of this, £1,600 (March 2017) is the Official Receiver’s deposit to manage the liquidation. If a winding up order is made by the court, this money is used by the government to appoint a liquidator who will then make investigations into the company. If the company is not wound up for any reason, for example, if the debtor pays the money they owe, the official receiver’s deposit will be repaid to the petitioner and the petition will be dismissed.
For more information on presenting a winding up petition please contact Alan Bradstock on 020 8444 2000 or email firstname.lastname@example.org.