A Statutory Demand is the first step to making someone bankrupt or winding up a limited company. As such it can be very effective in persuading a debtor to pay up as the consequences of ignoring this formal demand can be dire.
Statutory Demands have a number of advantages including:-
- No Court issue fee to pay.
- The consequences of ignoring a statutory demand can be very severe and result in the bankruptcy of a debtor.
- Relatively simple, quick and easy to prepare.
- A relatively cheap way to enforce payment of a debt that can be expected to at least bring contact with a debtor.
- Bankruptcy is an extremely effective method of recovering a debt.
As a Statutory Demand is such an important document, the rules for completion and service are strict. If not properly complied with the statutory demand may be either set aside by the Court or become ineffective. With this Guide you will be able to effectively prepare and serve a statutory demand for monies owed.
- The purpose of a statutory demand
- When should you use a statutory demand
- Completing a statutory demand
- Service of the statutory demand
- Setting aside a statutory demand
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