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What is a Statutory Demand - Bankruptcy UK

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What is a Statutory Demand

This is a formal demand to settle a debt exceeding £750 within 21 days, or bankruptcy will follow. If the amount or indeed, the debt, is disputed any further progress re the bankruptcy will be delayed until the dispute is resolved.  Some companies use Statutory Demands as a means of ‘spooking’ clients into paying outstanding amounts – in other words, a bluff – but if you were to receive one from HMRC the threat is very real. Suffice it to say, if you were to receive one through the post, you would need to act one way or another.

 

Bankruptcy UK

Bankruptcy UK