Skip to main content

6. I just found out that another creditor has already presented a petition against the company. Should I nevertheless present another petition? If not, what are my options?

Since a winding-up order will operate in favour of all creditors, you may leave the petition to the present petitioner without further participation before the winding-up order is made.

 

Alternatively, if the court hearing of the petition has not yet commenced, you may issue a notice in Form 10 to the present petitioner and appear at the hearing to support the petition. The advantage of appearing as a supporting creditor is that if the petitioner decides to withdraw or have the petition dismissed (because of having reached a compromise with the Company), you will be able to "substitute" as the petitioner and continue pursuing the petition yourself.

Last revision date: