Statutory demand
From ACT Wiki
UK law - insolvency.
A statutory demand is a formal demand for payment from a debtor, that must be delivered to the debtor in a prescribed format.
If the debtor does not pay the debt or agree to the statutory demand within 21 days, the creditor may be entitled to:
- Start bankruptcy proceedings against an individual or
- Petition to wind up a company
See also
- Balance sheet insolvent
- Bankruptcy
- Cash flow insolvent
- Chapter 11
- Company voluntary arrangement
- Corporate Insolvency and Governance Act
- Cost of financial distress
- Creditors
- Debtors
- Individual Voluntary Arrangement
- Insolvency
- Insolvency practitioner
- Insolvency Service
- London Approach
- Scheme of arrangement
- Solvency
- Statement of affairs
- Voluntary liquidation
- Winding up petition
- Wrongful trading
