If a company owes you £750 or more you can start the wind up procedure. I know a few who have used this. It gets messy when the company in question actually opts for bankruptcy. That’s when you’re likely to lose your money or only recoup a fraction.
Discussion
Well, if they'd rather go bankrupt than giving you your money you were very unlikely to get in the first place, no?
Not always - some stay afloat and this approach is a legal kick up the arse to get them to pay up. And once you’ve tied your creditor status within a legal framework you’re prioritised if they do go bankrupt. Somewhat unrelated but I once officially became a creditor when an online company folded just after I ordered an item from them - was very interesting to be involved in the wind up process.