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ARTICLE · 28 FEBRUARY 2025

Responding To A Statutory Demand – A Guide For Individuals

Thomson Snell & Passmore
Thomson Snell & Passmore
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Thomson Snell & Passmore

Thomson Snell & Passmore

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A statutory demand is a formal written demand for payment of a debt to be made within 21 days. The effects of a statutory demand can be very serious.

United KingdomFinance and Banking
Rico Dexiades
Rico Dexiades

What is a statutory demand?

A statutory demand is a formal written demand for payment of a debt to be made within 21 days. The effects of a statutory demand can be very serious. If the debtor does not comply with the statutory demand, or fails to apply to the court to have it set aside on time, it can be used as evidence that the debtor is unable to pay their debts and allows the creditor to petition to the court for a bankruptcy order. Therefore, it is crucial to act quickly when served with a statutory demand, to reduce your chances of being made bankrupt.

What are the requirements for a statutory demand?

A statutory demand is usually the last step taken by a creditor before they commence bankruptcy proceedings. To be relied on for that purpose, the debt contained within a statutory demand must meet certain criteria under the Insolvency Act 1986, namely:

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