Statutory Demands - Advice for Creditors
If you believe you are owed money by an individual or business, knowing where to turn can be difficult. The debt recovery specialist at Clough & Willis can help with all aspects of this process, and have helped many creditors to recoup the money owed.
We can advise you as to the best procedure to take for your circumstances, and have helped many people and businesses in your position. We understand that being owed money can be incredibly stressful, and we will work tirelessly to ensure we are in the best possible chance of getting the desired outcome.
Based in Bolton and Bury, our solicitors can guide you on the best path for you to take.Contact us today by calling 0800 083 0815, or fill out an online enquiry form and we will get back to you at a time that is suitable for you.
What is a statutory demand?
A statutory demand is a written demand from a creditor for the repayment of a debt owned either by an individual or by a company. The serving of a statutory demand often takes place before a bankruptcy petition is filed by an individual, or a winding-up petition is filed by a business.
Statutory demands can often be complex, but we can help you make sense of your situation by explaining complicated legal processes in a manner that is clear and easy to understand.
How is a statutory demand used?
A statutory demand can be used by an individual or a company to recover cash that they are owed, generally by someone who is for any given reason refusing to pay. A document of this type should include the following details:
- The amount that is owed
- A deadline of when the money should be paid
- The steps that will be taken should the payment not be received
- Contact details for the payee to get in touch with the individual or the company demanding the money
- Information relating to a debtor’s rights to dispute the document and its contents
Is a statutory demand my only option?
If you are seeking debt within the building trade or a similar sector then using a petition can be another option; however, this can often be high risk as the creditor could be forced to pay the costs of the debtor.
What is the outcome of serving a statutory demand?
Serving a statutory demand can have a positive outcome for a creditor, and Clough & Willis will endeavour to help you by drafting and applying a statutory demand to ensure its maximum potential.
Although serving a statutory demand can be advantageous when it results in the debtor paying what they are owed, the creditor should be prepared to take the legal process to the next step if this does not happen. This involves filing a petition for bankruptcy where the debtor is an individual, or winding-up a company where the debtor is a business.
Clough & Willis can help to advise on whether a statutory demand is the best option for you.
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Contact Clough & Willis
For more information on our business-to-business debt recovery services, contact Clough & Willis today. We have accessible offices in Bury and Bolton, and can provide the expert debt recovery support you need.