GlobalX passes 300,000th Winding Up Petition Search

Leading specialist information provider GlobalX has this week hit a significant milestone with its 300 thousandth Winding Up Petition Search.

The firm was the first company to offer an online alternative to call Companies Court to see if there were any Winding Up Petitions lodged against a company. Previously to their offering a law firms’ only option was to call the Courts’ premium rate line which was often engaged for long periods.

In 2013, GlobalX launched their alternative solution which allowed solicitors to place an order online and they would then, using their onsite clerks, conduct the research on their behalf. While Companies Court only provide a verbal yes or no response to any enquires, GlobalX provides more detailed information in a PDF report that is covered by a £10m professional indemnity policy.

Mark Allwood, CEO GlobalX, said:

“While our Winding Up Search product has proved extremely popular with law firms there are still thousands who are still calling companies court wasting valuable time and money. With conveyancers’ margins shrinking, law firms need to embrace any opportunity to recover lost billables hours and expenses. Our solution allows conveyancers to pass on the cost to their clients as a disbursement while also freeing up time for billable work.

“Winding Up Searches are a vital part of the commercial conveyancing process protecting clients from making a purchase that could be void due to insolvency laws. Under the Insolvency Act 1986, an insolvent’s creditors are protected from being adversely affected by a sale of the seller’s property while a petition is pending. Conveyancers are advised to conduct a winding up search at both the beginning and end of a transaction in case circumstances have changed.

“Using our fast and user-friendly ordering platform, solicitors can place an order in less than a minute, and we guarantee to return all orders back with 15 minutes during court opening hours. Since launching our Winding Up search service, we’ve streamlined our process further by offering the option to pay by credit card as well as set up an account for firms who need a high volume of searches.”

GlobalX offers an extensive range of property searches for both residential and commercial transactions throughout Wales and England. For more information about their full range of Court Services visit https://www.globalx.co/court-services or call 0800 197 1757.

Kindly shared by GlobalX