Dealing with your limited company's debts
If your company cannot pay its debts
Your limited company can be liquidated (‘wound up’) if it cannot pay its debts.
The people or organisations your company owes money to (your ‘creditors’) can apply to the court to get their debts paid.
They can do this by either:
- getting a court judgment
- making an official request for payment - this is called a statutory demand
Get professional advice from a solicitor or insolvency practitioner if your company is in debt.