The debt recovery solicitors at Farleys can provide legal advice, guidance and support during the process of issuing a statutory demand. Statutory demands represent an alternative to court proceedings, and are typically issued when the debt is not disputed and the amount to be recovered is £750 or more.
Should you be interested in issuing a statutory demand, our solicitors will draft the demand and will instruct our agent to personally serve the demand to your debtor.
The Statutory Demand Form
The statutory demand form sets out the details of the debt, together with any statutory or contractual interest and late payment compensation. Upon receipt of the demand, the debtor has 21 days to pay the outstanding sum.
Should they fail to comply, you will then be entitled to petition for the bankruptcy of an individual or the winding-up of a company. This is often a powerful incentive for the debtor to pay. If this becomes necessary, our debt recovery team will advise you on the legal processes involved in petitioning for bankruptcy or winding-up, providing as much support as you require.