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As a business you may be concerned that a Debtor is unable to pay. Other times you may believe that they are deliberately withholding payment. The Statutory Demand is very effective in dealing with the latter category. This is a demand served on a company or individual which, if not responded to within 21 days, entitles you to issue a Winding Up Petition (against a company) or a Bankruptcy Petition (against an individual) The Statutory Demand is a serious step to take against a Debtor, which does tend to be effective in bringing matters to a head, and often procuring payment in the shortest period of time. The risk for the Debtor if they do not respond is that they will be put into liquidation, or made bankrupt, at risk of losing everything! Debt Control Limited provides this service to you and we can achieve payment of your debt very quickly. Please note that unlike a Claim Form with a judgment, the costs of a Statutory Demand are not automatically recoverable from the Debtor Individuals served with a Statutory Demand may apply to the Court to have the Demand set aside. If the application to set aside was successful then a costs order against you could be made by the Court. The Debtor would have to show a defence or counterclaim or another substantial reason why the Statutory Demand should be set aside. No such procedure is available to a Company. |
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