Simply put, a statutory demand is a written debt payment request issued by a creditor. If you receive a statutory demand, you have 21 days to pay your debts or ask the courts to dismiss the demand. If the debt remains unpaid after the 21 day period, the creditor can request bankruptcy or winding up from the court if the debt is above £750 and if the debt is not dismissed, paid or an agreement to repay the debt is not reached.
If you have received a statutory demand ,or are seeking to apply for one for debts owed to you, Muldoon Britton are able to assist.
The Statutory Demand Process
If you are served with a statutory demand notice, you must (within a 21-day period) raise a dispute, pay the debt or make an arrangement to repay your debt over time.
If you cannot reach an agreement, the next step is usually that the creditor will seek an order for insolvency through legal proceedings with the ultimate aim of liquidating assets to reclaim what is owed.
Given the complex insolvency rules, statutory demands must be dealt with by solicitors with expertise to ensure that the matter is resolved in compliance with insolvency procedures. Muldoon Britton have many years of experience in statutory demand cases and we have a high success rate in obtaining payment and insolvency proceedings to recover debts owed. We also have experience in defending statutory demand disputes, therefore please get in touch with us today in order to obtain legal assistance in relation to your statutory demand matter.