Although unusual there are cases where winding up petitions can be withdrawn but the odds will be stacked against a company once a creditor decides to take this step.
Winding up orders can carry risks to creditors themselves as well as the business they are serving it on, therefore withdrawing the order would require a sea change in thinking to reverse the decision to proceed.
It costs around £2000 to lodge the winding up petition so if the amount owing is less than this then it would be a futile exercise. Creditors will need to be confident they can recoup all or most of the money owed and that needs to be a substantial sum to make it worthwhile.
Situations where a winding up petition can be withdrawn occur when a creditor knows the process is not going to result in debts being settled, or they receive no money at all.
Paying the debt in full will normally have occurred prior to the issuing of a winding up petition with the threat alone being sufficient in most cases.
A winding up petition can be like a runaway train once the wheels are set in motion, banks as well as other creditors will be alerted when the order is advertised. This makes it all the more difficult to stop the process unless the claimant themselves decides to withdraw the order.