Winding up petition
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UK insolvency law - liquidation.
A winding up petition is a legal notice in the UK put forward to the court by a creditor.
The creditor can petition to the court if they are owed more than £750 and it has not been paid for more than 21 days.
The application, in effect, asks the court to liquidate the company as they believe the company is insolvent.
Proceeds of the liquidation can be used to pay back creditors.
