Formal and Statutory Demands
Recover outstanding debts swiftly...
Before launching insolvency proceedings against a debtor, you must first serve either a:
- Formal demand
- Statutory demand
You will strengthen your case by serving a statutory demand before presenting a petition to:
- Wind up a company
- Make a person bankrupt
But statutory demands are not obligatory in winding up a company. Alternatively, you may issue a formal demand that:
- Confirms the amount owed
- Explains why the debt is owed
- Threatens winding-up proceedings unless payment is made within 18 days
Call 0207 504 1300 for debt recovery...
The Insolvency & Law Business Advice Show is a podcast dedicated to debt recovery, credit management and insolvency in England and Wales. Learn about serving statutory demands on individuals and companies in this podcast episode...
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