Statutory Demands

If your business owes a creditor an undisputed sum of money above £750 then they could serve you with a statutory demand for repayment.

This is a notice which gives you 21 days from receiving it to repay or come to an agreement around repayment failing which the creditor will be able to issue a winding up petition against your company. You also have a very short window of opportunity  from receiving your statutory demand to seek an injunction to prevent a winding up petition being issued  if you feel you have a valid reason why this action should not have been taken, for example there is a genuine dispute as to the amount owed.

What to do if you have received a statutory demand

Statutory demands can have grave consequences for your business and should not be ignored however quick action can prevent this and our team of insolvency experts are well placed to assist in:

• Dealing with disputed statutory demands
• Negotiating favourable settlement terms with the creditor
• Company rescue advice if you do not feel you will be able to pay the debt