An Explanation of Winding Up Petitions (WUP) and How to Deal With Them

An Explanation of Winding Up Petitions (WUP) and How to Deal With Them

Surviving a petition does not always mean that the company will survive. All too often companies pay the debt but leave themselves without sufficient cash to pay other bills or even wages. Sometimes directors use personal funds or their pension to pay the debt, but the debt has purely moved from one creditor to another where recovering it from the company remains a problem. Too often directors try to deal with a petition without advice, which is surprising given the high stakes involved.

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