Make and Serve a Statutory Demand
Anyone who is owed money (the ‘creditor’) from an individual or company can make a statutory demand. You don’t need a lawyer. However, if the debt is over 6 years old, you can’t usually make a statutory demand. In this instance you should take legal advice.
When the individual or company that owes you money (the ‘Debtor’) receives a statutory demand, they have 21 days to either pay the debt or reach an agreement to pay.
You can apply to bankrupt your debtor or close (wind-up) their company if they don’t respond to the statutory demand within 21 days.
Note that there may be faster ways of getting smaller debts paid than making a statutory demand.
Call us to discuss your options.