Statutory Demand Definition
There are two types of statutory demand
1. Statutory Demand Individual
For an individual, a statutory demand must be in the format set out in Section 268(1)(a) of the Insolvency Act 1986
2. Statutory Demand Company
For a company, a statutory demand must be in the formats set out in Section 123(1)(a) or Section 222(1)(a) of the Insolvency Act 1986.
The formal statutory demand for payment of a debt requires that the debt must be paid within 21 days. If payment is not made within 21 days and the statutory demand individual is not set aside or the company fails to apply for an injunction to stop the presentation of a winding up petition, the creditor issuing the statutory demand can use it as a ground to present either a winding up petition (company) or a bankruptcy petition (individual).
Contact expert statutory demand solicitors 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 statutory demands is unsurpassed and whatever your statutory demand enquiry, we can assist. Call now for a friendly statutory demand consultation.
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