Commercial Law Services
Statutory Demands – Someone owes me money!
A statutory demand is a formal document by which a creditor can demand payment from a debtor. The debtor has a limited period in which to pay after which the creditor can then petition to bankrupt (an individual) or wind up (a company) a debtor.
We will be able to advise you as to whether this is the best procedure for you to use in your circumstances.
I have set out below some information about statutory demands which I hope you may find helpful.
Statutory demands can often be complex but we can help you to make sense of your situation and get the results you are looking for.
How is a statutory demand used?
A statutory demand can be used by an individual or a company to recover cash which they are owed, generally by someone who is for whatever reason refusing to pay. The document should contain the following details:
- How much is owed
- When the money should be paid
- The steps which will be taken should payment not be received
- Contact details for the payee to get in touch with the person or company demanding the money
- Information about a payee's right to dispute the document and its contents
Do I have any other options?
If you are seeking debt within the building trade or certain other sectors then using a petition could be another option, but this high risk solution comes with the possibility that someone who is owed money could be forced to pay the debtor's costs.
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