A Statutory Demand is a formal demand of a debtor to pay a debt. Issuing a Statutory Demand can be an effective way to secure payment.
If a debt is not paid by the demand deadline then the Creditor can apply to make the debtor bankrupt or wind up a company.
A Statutory Demand must be in the correct form and it must only be used for undisputed debt.
If a Statutory Demand is issued for a disputed debt then the Courts view this as an abuse of process. An incorrectly issued Statutory Demand can land the creditor in trouble and with a large costs bill.
If you receive a Statutory Demand for a disputed debt you must act quickly to challenge it. If you don’t, the Creditor may petition for your bankruptcy or winding up. If a petition is made this can adversely affect your credit rating and can lead to banks and suppliers withdrawing credit facilities.
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