What is a statutory demand
Statutory demands are a type of demand for payment from an individual or a company. A statutory demand for an individual must be in the format set out in Section 268(1)(a) of the Insolvency Act 1986.
For the statutory demand to be effective, the statutory demand document must be properly completed. This includes the contact details of the statutory demand debtor, the address details of the statutory demand debtor, details of the statutory demand debt, how it arose and details of the relevant statutory demand set aside court.
Great care needs to be taken to properly ensure the statutory demand is completed accurately and then the statutory demand process followed.
Statutory demands for a company are drafted pursuant to Section 123(1)(a) or Section 222(1)(a) of the Insolvency Act 1986. The company form of a statutory demand is different to an individual demand. Again great care needs to be taken to properly complete the company statutory demand document.
If a company debt is not paid within the prescribed 21 day period, then the creditor can follow up with a winding up petition. This compares to the individual statutory demand which, if not applied to set aside within 18 days the creditor can continue with a bankruptcy petition.
Contact an expert statutory demand solicitor now
Please contact one of our friendly expert statutory demand solicitors now for your consultation. At Francis Wilks & Jones, we have all statutory demand experience needed to deal with any type of statutory demand problem. Feel free to look at our website and the many different statutory demand examples of cases where we have successfully assisted our clients.
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