What is a Statutory Demand?
A Statutory Demand is the first step to bankruptcy against an individual and can be prepared and served without any court involvement. A statutory demand can be served as soon as the debt is due and a judgment is not necessary. If you dispute the claim, you can apply for the statutory demand to be set aside. The bankruptcy court will halt the bankruptcy if there is any dispute about the sum outstanding. It can be relatively easy for a debtor to have a statutory demand set aside and the process can result in an order for costs being made against the creditor.
Once served the statutory demand gives you 21 days warning to pay the debt. After that the creditor can issue a bankruptcy petition.
If you have received a statutory demand it’s vitally important that you speak to Chase Debt Solutions as soon as possible so that we can help you to rectify the situation. Call our team of advisors on 01843 296666 now.
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