Statutory Demand

A statutory demand is a special type of written request from a creditor (someone who is owed money) for payment of a debt. The person or company that receives the demand has 21 days to settle the debt or ask the court to set aside (dismiss) the demand. The creditor may present a petition to court for a bankruptcy order or winding-up order if, after 21 days, a statutory demand claiming a debt of more than £750 is not paid, secured (an agreement reached for payment) or set aside.

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