Member Info for Toffers

You don't issue a WUP if its a debt that is being negotiated!

Yawn yawn

"When can a creditor apply to have a company wound up?

Section 122 of the IA 86 sets out the grounds on which a company may be wound up by the court.

The court will generally accept that a company is unable to pay its debts where it is shown that:

A statutory demand has been served for an undisputed sum exceeding £750 and the company has failed to pay the sum due within three weeks; or

The company is unable to pay its debts as they fall due; or

The value of the company's assets is less than the amount of its liabilities."

source: Gowlings

Summit, get your hand in your pocket and pay the debt off with Leno!

"A winding up petition (WUP) is the most serious legal action taken by a creditor to recover the debt owed to them. It must be acted upon or else the petition may disable a company’s ability to trade, ultimately spelling the end for a business. Once a WUP is served, a business has seven days to act before its financial situation is made public. A court hearing decides whether or not to grant a winding up order. If granted, insolvency is declared and the process of liquidation begins whereby the company ceases trading and its assets are sold to repay the creditor. Its only purpose while winding up is to sell off its assets and stock to repay creditors in full, and if there are any remaining assets, to distribute those among partners and shareholders. However, receiving a WUP doesn’t always mean that a company has to dissolve. With effective legal advice and immediate financial changes made to the business, insolvency and liquidation can sometimes be avoided."

source: helix-law.co.uk

The good thing for Gowlings is that the company have admitted they have it in an rns! The judge will no doubt laugh at that! :)

Stonk, read Gowlings blurb about it, it was clearly undisputed at the time that they issued the WUP on 25 Oct. The company then say on the 27th Oct, they are going to try and seek legal advice on it. They've had weeks to sort it and clearly have done nothing otherwise it would not have got this far, and it's serious stonk, the publication of that WUP in the Gazette, unless the company manage to injunct it, will mean the bank will freeze the accounts. There's also a risk that if they try and injunct the WUP, and Gowlings produce evidence that the company is insolvent, then the Court might make the order there and then and say enough is enough! The Judge will no doubt already know what's going on with Queeld and Mispare as he or she can look it up on the system! It really is not a good look. my views. end of stonk.

You mean my 100 - a few Richard but if you want to put your musings on repeat please do, people will ignore you regardless.

What are you on about stonk? Gowlings issued a WUP in the High Court, they could have sent it in by a number of means, or they may have got someone to personally issue it. I would have done it for them if they wish to contact me, more than happy to do so, have done it countless times. If it was delivered in person, it is possible that the person lodging the application waited for the application to be processed and stamped and then took it away to be served that day. Bearing in mind the gravity of the situation, I would tend to think that is more than likely the case. When a defendant opens the document having received it, is up to them, they could open it straight away, chuck it aside and wait a few days or never open it and risk having the order being made regardless. Until the certificate of service is on the court file, us mere mortals will not know the date and time of service, but just because someone says they've received it that day, doesn't mean someone else in the office hasn't had it first and sat on it before handing it over to another. Get my drift.

Note they state the word "insolvent"!

Waiting for your mate DR to explain how he knows there is a hearing on 13 December? I asked that first. So how does he know this and where is the evidence to support it?

"A Winding Up Petition (WUP) is a legal application made to the court by a creditor in order to force an insolvent company into liquidation due to non-payment of monies owed. This is usually the final step a creditor will take in an effort to recover debts after all other attempts have failed. you can be sure that any creditor taking this action has every intention to liquidate your company; a winding up petition is much more than just a hollow threat and should be taken seriously."

source: realbusinessrescue.co.uk to add to the others I have mentioned

Stonk for all I know they could have received it on the 25th and not opened it until the 27th, it's not uncommon!

Jeez, they've sent stonk in now whilst the others have a rest!

That will be evidenced no doubt by the certificate of service whenever that is filed. The WUP was issued on the 25th, so no doubt nothing stopping it being served on the 25th but who knows until the certificate of service is on the file.

What are you on about stonk? you clearly have no idea how debt matters run. The lawyer will have sent a 7 day letter before action, first demanding payment. It would appear there was no answer from the company. They will b e aware that the company rns'd in July that the company had 400k left in the kitty in the UK. They will also be aware that the Queeld case is running and fees will be required for that, so Gowlings are likely to be behind Simmons in the pecking order for payment. They've issued a statutory demand with at least 3 weeks notice, and clearly not heard anything, and so they have applied to the High Court for a winding up order on the basis no doubt that to the date of them filing it, the matter has remained undisputed, and furthermore, it would appear eurasia don't have the funds to pay. It's insultive stonk, they've brokered a settlement to get eurasia off the hook with the two Logiks and then the company have just thrown two fingers up to them when they've wanted paying. my views.

For heavens sake stonk, Gowlings cannot issue if it has been disputed, they would have to sue by other means, ie through the County Court. The company have done nothing, they were notified at least 3 weeks ago of the intended action and did nothing, they have then been served with the WUP some point last week, as it was issued on 25 Oct, so could have been served the same day, and on 27 October, they rns and say they are going to seek legal advice! You couldn't make it up! The notice will be published in the Gazette at a minimum of 7 business days after the WUP was served, so I reckon that could be before the end of the week obviously. Thursday earliest perhaps. If the company now want to contest it, it having got this far, for a start they will have to prove to a judge that they are solvent and have the means to pay. If they can't show that, a Judge will throw it out for sure. Shareholders know they only had 400k so they rns'd in July, so are they actually solvent?

Again, from Gowlings site stonk - note the word "undisputed" -

"Section 122 of the IA 86 sets out the grounds on which a company may be wound up by the court.

The court will generally accept that a company is unable to pay its debts where it is shown that:

A statutory demand has been served for an undisputed sum exceeding £750 and the company has failed to pay the sum due within three weeks; or

The company is unable to pay its debts as they fall due; or

The value of the company's assets is less than the amount of its liabilities."

It's not in dispute, because winding up petitions by their very nature are undisputed, read Gowlings site, that's why they brought it because the company have not disputed it at the date it was filed.

Dmitry it's a High Court case! There is nothing currently filed with a hearing date for it. If you know otherwise, how did you get the information?

What is disingenous stonk, they can't pay Gowlings, that has been evidenced by the winding up petition being presented. As I said yesterday, the most expensive part of a trial is the few weeks beforehand when all the paperwork is collated and getting ready for trial and then the hearing itself. There are barristers involved. The barristers for Eurasia will demand that their fees are paid on account to their instructing solicitors before they appear. If not, they have the right to make an application to remove themselves from the court record as acting. That okay with you stonk? Of course, now that there is the winding up petition, the lawyers for Queeld and Mispare might advise that they piggy back on to the back of the winding up petition if it looks as though it will be successful, and no doubt someone will probably have a word with Gowlings to get the low down on when the hearing will be, as it could be very soon.