Statutory demand

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