Statutory Demand
A formal letter requesting payment of an outstanding debt (exceeding £750 for a company or £5,000 for an individual) within 21 days. To make a person bankrupt or wind-up a limited company, a statutory demand must first be served.
A formal letter requesting payment of an outstanding debt (exceeding £750 for a company or £5,000 for an individual) within 21 days. To make a person bankrupt or wind-up a limited company, a statutory demand must first be served.