Most countries will usually specify in their business laws who might be able to apply for a winding up petition in a court against a debtor company. They are of course different according to the country you are in. for example in the UK, any creditor who is owed any amount of money from 750 British Pounds and above might apply for a winding up order against a business and its directors. Sometimes all individual creditors might come together and apply for a winding up company as a group. Creditor companies will mostly prefer to go it their own way.

Today, it has become the trend for many creditors to run to court get a winding up petition granted and force payment from their debtors once they spot any reluctance to pay on the part of the debtor. The debtor will in turn take the most fitting action to try and save his business or might simply let the creditors have their way. Eventually such a stance will lead to the liquidation of the business.