As of 1 October 2021, you can bring a winding up petition as a creditor if the following criteria have been satisfied:

• If the petition debt is liquidated, this must have fallen due for payment and must not be an excluded debt (e.g., rent payments and unpaid by reason of financial effect of covid).
  
• You, as a creditor, have made a formal request to the debtor company seeking its’ proposals for repayment; giving 21 days’ notice of any proposal.
  
• After 21 days’ notice has been surpassed, with the debtor company not having made a proposal to repay to your satisfaction.
  
• The debt is £10,000 and more.

The rules for winding up petitions are slowly reversing to pre-pandemic conditions. However, you could previously bring a winding up petition if the debt was £750 or more for a company debtor. This has afforded some companies with a blanket of protection from being wound up on smaller debts.

Should you require any further information on winding up petitions and/or statutory demands, please do not hesitate to send us a message or call a Bailoran expert on 0113 266 0735.