How To Set Aside A Statutory Demand

Understanding Statutory Demands  

A statutory demand is an official request from a creditor for the payment of a debt exceeding £750 for companies and £5,000 for individuals. Ignoring this demand may lead to a winding-up petition against a company or bankruptcy proceedings against an individual.

Demands Served on Businesses

Failure to respond to a statutory demand can instigate winding-up proceedings, which can halt your company's operations and potentially lead to the freezing of your company's bank accounts.

Demands Served on Individuals

For individuals, an inadequate response to a statutory demand is likely to result in bankruptcy. This will cause significant damage to your credit rating for at least 6 years and can result in loss of your home and other assets.

How We Can Help 

Our specialists will guide you through the necessary steps and directly engage with your creditor (or their solicitor) to seek the immediate withdrawal of the statutory demand.

Call I&L Advisory at 44 (0)20 7692 8456 now to discuss your available options.