Closed petition Say no to compulsory winding-up reforms

Closed on 20 July 2012

The Government is proposing changes to the compulsory winding-up process which would seriously prejudice trade creditors at a time when British Business needs all the help it can get. In particular:

1) The removal of the Judiciary (which is independent of the Government) from the process would result in a loss of impartiality especially where HMRC petitions are concerned.
2) The introduction of pre-action protocols for winding-up petitions might potentially enable unscrupulous directors to 'asset strip' a company.
3) The removal of the requirement to advertise a winding-up petition would be detrimental to other trade creditors, who would be denied their right to support or oppose a petition.

If you are opposed to a civil servant presiding over the winding-up process in secret, after a protracted pre-action protocol period, then please sign this e-petition.