Statutory demand, bankruptcy and winding up
A statutory demand can only be considered against an individual or a company if the debt is over £750.
A statutory demand demands payment of an outstanding sum to be made within 21 days of the date it was served. Failure to respond to the demand can lead to bankruptcy or winding-up proceedings.
Bankruptcy proceedings can only be issued against an individual following the expiry of a statutory demand. Our service includes drafting, issuing, serving and attending the bankruptcy hearing.
Winding-up proceedings can be complex and costly. However, a statutory demand does not have to be served prior to the issue of a winding-up petition. As part of our LBA stage we can issue the debtor company with a 3 day demand. If the company fails to pay upon expiry of a written demand or following judgment, then we can issue a winding-up petition provided there is no suggestion of any dispute.
For more information contact Jon Tullock, head of debt recovery on +44 (0)113 2977731 or by email at jtullock@shulmans.co.uk |
