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A statutory demand is a way of making an official demand for money. Statutory demands are lodged at court and demand that a debt be paid within a set period of time, usually 21 days.
During this time the debtor can come to an agreement with the creditor to repay some or all of the debt. However, if the debt is not paid within this time the next step is for the creditor to make the debtor bankrupt. This is known as a Creditor's bankruptcy petition.
Statutory demands are used frequently in business as a strict reminder to pay the debt or else. It is important to act straight away.
Most statutory demands are successful as they frighten people into paying the debt in full immediately. A result of this is that most statutory demands do not end up as bankruptcy petitions as they are paid in full before the expiry.
If you have had a statutory demand issued against you or your company, please call us immediately as these need to be acted upon without delay. We will help you to come to an arrangement with your creditor regarding the debt, and can help to prevent the issue of a bankruptcy or liquidation.
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