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Coronavirus (Covid-19) New legislation coming to prevent bankruptcy petitions and protect debtors from paying debts for at least 90 days. Creditors must act now before it’s too late.

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Expert advice for Statutory Demands

We provide assistance for creditors using Formal and Statutory Demands, and Winding-up Petitions.

CALL 020 7504 1300 NOW

Support for creditors

Call 0207 504 1300 now to recover overdue debts and unpaid invoices

If a company or individual (the debtor) owes you (the creditor) an undisputed sum, but has not paid or provided a reasonable explanation for the lack of payment; you should consider insolvency proceedings.

The 1st step in this process would be to serve them with a Statutory Demand. But you must act swiftly as your debtor may be:

  • Paying other creditors instead of you
  • Exposing you to suffer unnecessary loss
  • Using your credit terms as an unsecured, interest-free loan
  • Taking assets into a new company while leaving you and other creditors to perish with the old one
  • Trading while insolvent
  • On the brink of collapse.

Statutory Demand (Stat Demand or Stat D) is a formal document requesting payment of an overdue debt within 21 days. You can serve a Statutory Demand on a company or person for any debt that is:

  • Undisputed
  • Less than 6 years old
  • £750 or more (for a company)
  • £5,000 or more (for an individual).

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Formal Demands

Before commencing insolvency proceedings to wind up a limited company, you must 1st serve the debtor a Statutory Demand. Serving a Winding-up Petition after presenting a Statutory Demand will strengthen your case. But it isn't always necessary. We frequently recommend the issuing of a Formal Demand, which:

  • Outlines the amount and circumstances of the debt
  • Threatens the serving of a winding-up petition unless payment is made within 14, 7 or 5 days.

 

Why Should They Pay?

Failure to respond to either a Formal Demand or a Statutory Demand could result in the winding up of a limited company or bankruptcy for an individual.

 

Winding-up Petition

You are free to serve a winding-up petition on a limited company 21 days after presenting your Statutory Demand. But only if:

  • The debt remains unpaid
  • No arrangement has been made to pay
  • The Statutory Demand has neither been withdrawn nor set aside.

A debtor company that ignores a winding up petition may have its bank account(s) frozen.

 

I&L helps creditors recover outstanding debts and invoices using powerful instruments such as Formal Demands, Statutory Demands, and Winding-up Petitions when appropriate in the instance of insolvent companies. Call 020 7504 1300 now for free and confidential advice...

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