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Winding Up A Company That Cannot Pay Its Debts

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MONEY OWED TO YOU BY A COMPANY.

This topic will provide you with the law and the documents you need to wind up a company.

We give you the form used to make a section 289 Statutory Demand (formerly a 218 Notice). 

We will also give you the forms and the procedure you need to use to wind a company up.

You should also look visit our specialist site entitled Debt Collection which starts off with a great deal of information and documents for collecting debts. 

But Companies are in a different situation, particularly if the debt is undisputed and is just not being paid.

We provide you with the direct link to our other related topic :

Debt Collection

The COMPANIES ACT 1993 provides a quick procedure for ensuring payment, or at least of knowing if the payment is possible. 

It can be used only if there is no dispute that the debt is owing. 

It used to be called the 218 Notice but now that the Companies Act has changed it is called  -  A 289 Statutory Demand.

The beauty of this Notice is that if the Company does not pay the amount demanded within 15 working days then you can move to wind the Company up in the High Court. 

If the debt is truly owing then rarely does a Company place itself at risk of being wound up.  The Company usually pays

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Feedback/Reviews/Blogs
Feedback/Blogs/Reviews from related topic: Companies - A Statutory Demand
"So Simple. So Easy. Thank you. My lawyer charged me $475 last time plus $175 for service. Tis way I did it all myself and a lot faster. Why are there not more sites like this?

Company name withheld by request - June 2007"

"Thank you for the ease of understanding on this topic and on your topic "Debt Collecting". I issued the Statutory Demand document myself against a company that owed my company $13,000. I copied and pasted off your site, filled in the simple details and served it. They paid within 4 days!!! I then rang 2 law firms on the North Shore and asked for a quote for exactly the same work and they quoted $450 plus GST and "$600 all up". Richard - North Auckland."
Feedback/Blogs/Reviews from related topic: Companies - A Statutory Demand
"I found all this Company Law stuff really helpful. Not too academic but enough to get a really good grounding in some of the pitfalls. You need to read all the company topics to get a handle on this huge area. Anthony - Christchurch - April 2007"
Feedback/Blogs/Reviews from related topic: Companies - A Statutory Demand
"I found all this Company Law stuff really helpful. Not too academic but enough to get a really good grounding in some of the pitfalls. You need to read all the company topics to get a handle on this huge area. Anthony - Christchurch - April 2007"
Feedback/Blogs/Reviews from related topic: Companies - A Statutory Demand
"I found all this Company Law stuff really helpful. Not too academic but enough to get a really good grounding in some of the pitfalls. You need to read all the company topics to get a handle on this huge area. Anthony - Christchurch - April 2007"
Feedback/Blogs/Reviews from related topic: Companies - A Statutory Demand
"I found all this Company Law stuff really helpful. Not too academic but enough to get a really good grounding in some of the pitfalls. You need to read all the company topics to get a handle on this huge area. Anthony - Christchurch - April 2007"
Feedback/Blogs/Reviews from related topic: Companies - A Statutory Demand
"I found all this Company Law stuff really helpful. Not too academic but enough to get a really good grounding in some of the pitfalls. You need to read all the company topics to get a handle on this huge area. Anthony - Christchurch - April 2007"
Feedback/Blogs/Reviews from related topic: Companies - A Statutory Demand
"Helpful, but I would like some more fact scenarios to assit me in my decision . . . but it was the best site I found because it ties all relevant sites together. Not too many fancy words. Wheelbarrow and corrugated iron are about my limits. Well done! John D. - Hamilton June 2007"
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