November 2014 Archive

Personal Insolvency Guide

A statutory demand is a formal written demand for payment of a debt (in excess of £750) within 21 days. It must be issued in the correct form. There are prescribed forms on the Insolvency Service website. It may only be issued for undisputed debts; the creditor must genuinely believe the debt is valid and the debtor must not have raised an objection to the debt’s validity. It may induce the debtor to pay, but there are risks for the creditor.
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