Statutory Demands

Statutory Demands

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What is a Statutory Demand?

A Statutory Demand is a formal written warning from a creditor to a debtor that they must pay a debt within a specified time frame. This can be used for individual and business debts.

The demand should include information about the debtor and creditor, as well as the debt being claimed. If the debtor doesn't pay the debt in full or make an acceptable arrangement within the time frame. Then the creditor can apply to the court for a bankruptcy order or winding-up order. The time frame for responding to a statutory demand is usually 18–21 days, depending on the debtor's actions:

Examples for serving a stautory demand are listed below:

Company Debtors

The sum demanded is more than £750.

Individual Debtors

The sum demanded is at least £5,000 in total.

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