A winding-up petition is a formal legal document where a creditor has made an application to Court to place the COmpany into Compulsory Liquidation. If your Company has received a winding-up petition you should act immediately. Once it is advertised, the bank will freeze your Companjy’s business account. If you do not settle the debt, request it be withdrawn or apply to have it struck out, there will be a Court hearing where a judge will make a ruling based on the evidence supplied by the creditor whether to issue a winding-up order. If this happens, the Company is immediately placed into Compulsory Liquidation. There are additional options available to you which are to obtain an Administration Order or propose a Company Voluntary Arrangement, but these will depend on the Company’s circumstances and the timing of such decisions. Seeking advice at the earliest opportunity is key.