What is a Statutory Demand?
If you have consistently missed repayments on your debts, you could receive a legal notice called a Statutory Demand asking you to settle your debts in 21 days. The Statutory Demand is issued by a creditor’s solicitor – highlighting that your debts are now becoming a legal matter.
If you cannot meet the creditor’s request, then they could request that you are declared bankrupt via the courts.
If you want to avoid Bankruptcy at this stage, then you must get the Statutory Demand set aside. According to Bankruptcy laws, you can request the demand be set aside if you:
- Dispute the amount on the Statutory Demand
- Think the Statutory Demand was made in error
- Have evidence that the amount is less than £750
- Think the creditor did not follow the rules and procedures during the process
For Bankruptcy advice, call us on 0800 096 1331.
Baines and Ernst Ltd