A winding up petition (WUP) is the most serious action that can be taken against your business. The question you will be asking is “what can be done about it?” Very often the company has broken any trust the creditor had, payment deals have failed, cheques bounced and generally the company directors have not kept their word to pay. Even though your company may have tried very hard to meet payment deadlines, your customers have been slow to pay, or sales have been lower than planned.
So the creditor reacts with the “nuclear” option. Of course, sometimes it’s not as simple as that.
In some cases we have seen creditors issue malicious petitions as a means of trying to settle disputes.