Glossary
Winding Up Order
A Winding Up Order is a Court Order which places the company into liquidation as a result of a debt not being paid.
Winding Up Petition
A Winding Up Petition is a Court document served on a debtor, giving an amount of time for the debt to be paid, and if it is not paid, a winding up order will be made and the company will go into liquidation.
Work in Progress
Work in Progress is the cost of partly completed goods or services, intended for completion and recorded as an asset.
Working Capital
Working Capital is finance used to support the short-term assets of the business (stocks and debtors) to the extent that these are not financed by short-term creditors.
Wrongful Trading
Wrongful Trading is where a company continues to trade which results in the creditors being worse off as a result. If it is proved that Director(s) knowingly allowed this to happen, they can be held personally liable.
