Winding up petitions

A winding-up petition is a legal request made to a court to dissolve a company that is unable to pay its debts. This can be filed by creditors who believe they won’t be paid back or by the company itself, if it chooses to close down. If the court agrees, it can appoint a liquidator to sell off the company's assets and settle outstanding debts. This process ensures that creditors have a fair chance of recovering what they are owed, and it formally ends the company's existence.