The Timetable

Once you instruct us, we ask our lawyers to send out a formal demand asking for payment.

If the payment is made, then of course the case is over.

However, if the debtor does not pay, we will arrange for a petition to be issued. The steps are as follows:

Petition issued (day 1)

Petition served (day 1 or 2)

Reaction from debtor (day 1 to 8)

Decision made on whether to advertise (day 8)

Hearing of petition (typically, between days 40 to 60)

Once a petition is advertised, the debtor company is dead in the water. Its bankers will freeze the bank account and a host of creditors will come out of the woodwork to support the petition. Therefore, if the directors of the debtor want to save the company, they will move heaven and earth to find the money to pay off the petition debt before the petition is advertised.