How to recover a debt from an individual
A statutory demand is a hard hitting way of recovering a debt from an individual. Whilst great care needs to be taken to draft the statutory demand properly, an unanswered demand can then mean that the creditor can issue a bankruptcy petition against an individual or a winding up petition against a company.
It is for this reason that many individuals or companies will pay attention to a statutory demand and make payment upon service. The consequences of not dealing with it are very serious indeed – bankruptcy or liquidation.
However – statutory demands can be dangerous of not used properly.
- The statutory demand must be properly drafted
- The statutory demand process must be properly followed
- The debt being claim must be suitable for a statutory demand. Statutory demands should only be used in certain circumstances where the debt is not one which is subject to a genuine dispute or where the debtor has a cross-claim against the creditor which would effectively extinguish the creditor’s debt.
- The statutory demand must be properly served
Contact an expert statutory demand solicitor now
Francis Wilks & Jones is the county’s leading firm of statutory demand solicitors. We are genuine experts in what we do with a combined experience of over 100 years in statutory demand claims. Our knowledge of the relevant legislation combined with our day to day experience and team of experts makes us the No 1 choice for people or companies in need of advice.
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