Whether you are dealing with a company statutory demand or an individual statutory demand - we have the team of experts to help.
There are two types of statutory demand
Statutory demand for an Individual
For an individual, a statutory demand must be in the format set out in Section 268(1)(a) of the Insolvency Act 1986. The document will demand payment within 18 days, failing which the creditor can apply for a bankruptcy petition.
Statutory demand for a 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 company 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.
Whatever the nature of your statutory demand enquiry, our expert team at Francis Wilks & Jones is here to help. We have dealt with hundreds of statutory demand situations and have successfully help many clients over the years. Let us help you too.