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ARTICLE · 30 SEPTEMBER 2024

A Guide To Statutory Demands For Creditors

Herrington Carmichael LLP
Herrington Carmichael LLP
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Herrington Carmichael LLP

Herrington Carmichael LLP

The origins of the practice can be traced back over 180 years in Wokingham and 150 in Aldershot. It...

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Bethany Fitzgerald and Oliver Williams of our Dispute Resolution team explain how a statutory demand may assist creditors in recovering debt.

United KingdomInsolvency/Bankruptcy/Re-Structuring
Bethany Fitzgerald
Bethany Fitzgerald
Oliver Williams
Oliver Williams
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Bethany Fitzgerald and Oliver Williams of our Dispute Resolution team explain how a statutory demand may assist creditors in recovering debt.

If you are looking to recover substantial debt from an individual or a company, you may have considered issuing a Statutory Demand. Issuing a Statutory Demand is the first step in winding up a company or starting bankruptcy proceedings against an individual.

Statutory Demands are just one potential means of recovering your debt, so it is important to seek legal advice as to the best action to take in your specific situation.

What is a Statutory Demand?

A Statutory Demand is a formal document which gives the debtor 21 days to make payment before the creditor is entitled to take further action to recover their debt.

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