The last official statistics release by the Ministry of Justice where as follows: 3,382 company winding up petitions – an increase of 18% on the same quarter of 2007 and a 6% increase on the previous quarter.

A Winding up petition is a way of enforcing a judgement after a claim has been won, in an effort for creditors obtain payment of monies owed. However, unpaid tax and wages take priority over other debts for any of the debtor’s available funds.

Directors and business owners who are facing a winding up petition, or have just received and or even threatened with one should take the matter very seriously and take immediate action.

The Corporate Recovery team at Enable Finance can help protect a business and its Directors. If you have any concerns or would like to discuss your options you should contact Phillip Evans on 0797 0500 425.

In total, 3,184 winding up petitions were issued by the high court and in county courts across England and Wales.

It is further evidence that trading conditions are continuing to deteriorate across the UK, with figures up 9% on the same period the previous quarter. Payment petitions from creditors, meanwhile, were marginally under 5,500, an increase of 2% on the second quarter of 2008 and a 10% rise on the third quarter the previous year.

Experts believe the figures are likely to continue upwards in the final quarter of the year, adding that households are struggling to stay afloat financially as the cost of borrowing and unemployment are continuing to rise in the economic downturn.

In the last quarter, Britain’s economy contracted by 0.5% and the Eurozone entered recession on 14 November. These latest figures follow the official figures from the Office of National Statistics earlier in the month, which found that 17,341 people were declared bankrupt in the third quarter of 2008 almost 10% higher than a year earlier.

If you are or Company is in financial difficulty or has recieved a winding up petition and would like help and or advice on what to do next please contact the Business Recovery team at Enable Finance today on 0845 070 2050 we may be able to stop the petition and help your company avoid bankruptcy.