Using winding up petitions as a debt recovery tool

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Transcript of Using winding up petitions as a debt recovery tool

Page 1: Using winding up petitions as a debt recovery tool
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If the winding up petition is successful, the defaulting

company will be put into liquidation. However, while

filing a winding up petition, the supplier has to

prove that the company cannot repay the outstanding debt.

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Likewise, he has to fill in certain forms, and deposit certain fees. It is always important for the supplier to

decide if the winding up petition can be used as an effective tool to

recover the outstanding debt.

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