Statutory demand

From ACT Wiki
Revision as of 19:43, 24 July 2020 by Doug Williamson (Talk | contribs) (Layout.)

(diff) ← Older revision | Latest revision (diff) | Newer revision → (diff)
Jump to: navigation, search

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