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A winding up petition (WUP) is a significant form of action taken against companies that have failed to make payments or who are unable to repay debts. Typically considered as a last resort, the use of a winding up petition suggests that a company’s creditors have lost all confidence in its ability to pay and have had to resort to the petition as a means of recovering their money, putting a company out of business, or both. Certain methods, such as a Company Voluntary Arrangement, may have been discussed without all parties feeling this was possible. The use of such a petition can easily spell the end for a business and action needs to be taken as quickly as possible to try and remedy the situation.

Becoming a successful entrepreneur is always going to entail risk. While every company and industry will have individual challenges which may prove daunting, there are three key pitfalls which first-timers can fall into:

Maintaining a healthy cash flow is essential to the success of any business, particularly those just starting out or looking to expand. However, it is also an incredibly misunderstood concept that causes problems for a great number of small to medium sized enterprises (SMEs), often leading to the ultimate failure of the business.

Attempting to identify whether or not your business is suffering from stagnation is probably not the most enjoyable topic for an entrepreneur of any kind.

As the coalition government and the BoE continue to make positive noises about the current state of the economy, anybody who is located right at the centre of it knows the truth.