The Accounting Directive (2014/95/EU) aims to simplify the disclosure requirements for small companies, notably through the introduction of abridged accounts, and includes special rules for micro-entities. The directive was incorporated into UK law in 2015 and applies to financial periods beginning on or after 1 January 2016.
A winding-up petition is a legal document presented to a court in the UK, seeking an order for a company to be placed into compulsory liquidation, typically due to insolvency.
