Using winding up petitions as a debt recovery tool
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Transcript of Using winding up petitions as a debt recovery tool
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.
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.