If you are unable to pay your debts and you have not otherwise entered into an arrangement with your creditors or voluntarily make yourself bankrupt, a creditor may choose to apply to the court to have you make bankrupt.
WHO CAN APPLY TO MAKE YOU BANKRUPT?
Generally any creditor can apply to the court to make you bankrupt if they satisfy the court that you owe them money. The court requires various conditions to be met and processes to be followed before it makes an order making you bankrupt.
If your company has been threatened with a winding up petition you must act immediately.
ReplyDeleteinsolvency advice
Jay the short answer is -Yes.
ReplyDeleteYou have 7 days to act.
You can't trade in a business if you are knowingly insolvent.
Meaning you can no longer pay your creditors.