If a company does not respond to a Statutory Demand issued by a creditor within 21 days, then the creditor has the option to pursue Winding Up of the company commencing with a Winding Up Application to the Court.
Do Not ignore a Winding Up Application. It’s time act immediately.
When a creditor lodges a Winding Up Application to the Court, the matter then becomes public knowledge. This may have a negative impact on your business if you intend to pay your unpaid debts and continue trading.
However, if you do not have the means to settle your debt with your creditor, and the Court is satisfied that your company is insolvent and should be wound up, the Court will make an Order for the Winding Up of the Company and appoint a Liquidator. If you do not act quickly when you receive the Winding Up Application, your creditor may select a Liquidator to act in the Liquidation of your company.
Call us today on 02 8234 8865 to discuss how we can help you if your creditor has lodged a Winding up Application to the Court.