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Stat Demanad Archives - Bankruptcy UK

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I’ve been issued with a statutory demand what does this mean?

A statutory demand is a prelude to bankruptcy – a distinct shot across the bows warning you that bankruptcy will follow if you take no action. Some companies use this to ‘shake up’ people, but statutory demands from banks and (particularly) HMRC should be taken seriously.

You have 21 days to respond to a statutory demand, but if  you disagree with the terms you should contact the petitioning creditor immediately (or his agent) to see if can you reach an agreement. It might be that there was an oversight on your part and that you can pay the demand. If not, you will need to make a solid case or the bankruptcy might proceed.

If you do not want to be made bankrupt you could apply for an adjournement which could give you time to raise the required funds to discharge the debt. Be warned though, if you allow the bankruptcy to proceed by indecision, you will lose control of any assets and might find yourself paying an Income Payments Agreement for three years.

Bankruptcy UK offers bankruptcy help across the board and will submit your application online. Court appearances for bankruptcy are no longer required. Feel free to call us on 01425 600129 for a chat about your circumstances.

 

 

Bankruptcy UK

Bankruptcy UK