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A Statutory Demand should be taken very seriously. If you receive a Statutory Demand then you have 10 working days to dispute the debt or 15 working days to pay the debt. If you do nothing liquidation of your company by the Court may follow.
If you have received a Statutory Demand you should contact us immediately so we can discuss your situation and options. Most creditors do not want to put you into liquidation and would rather seek another outcome with a deal made. In our experience issuing a Statutory Demand is the action of an exasperated creditor.
If your company is insolvent then you can discuss your options with us. You have only 10 working days as a shareholder to appoint a liquidator from the service of a Winding up Application, which is the document that follows the Statutory Demand.
The Statutory Demand process provides a quick procedure for ensuring payment, or for finding out whether payment is possible. This process is intended to be a first step in making an application to put a company into liquidation, when a company genuinely cannot pay.
McDonald Vague can guide you through the process and refer you to agents and lawyers to issue Statutory Demands. If a Winding up Application follows, we can consent to act in the liquidation.
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