A statutory demand is a prescribed form served by a creditor on a company or an individual requesting payment of a debt. If the debt remains unpaid after 21 days and is in excess of £750, the creditor may present a winding up petition against the company and file for bankruptcy of an individual.

A winding up petition is an application made by a company's creditor seeking for it to be placed into liquidation. This will set a date for the court to decide if liquidation is appropriate. If so, the affairs of the company immediately cease and it is compulsorily wound up.

A statutory demand should only be used where there is no dispute about the debt. It is not a question of the debtor refusing to pay, it is for when the debtor cannot pay because he is insolvent.

The insolvency procedure is often misunderstood and abused. We can give you fast and reliable advice at an individual and corporate level.

If necessary we can act quickly to set aside the Statutory Demand or restrain the advertisement of a winding up petition in the case of a company.

We offer the full range of funding options (other than government funding) to include fixed fees, conditional fee arrangements, after the event insurance and third party funding. We also always provide cost estimates as soon as reasonably practicable and remain within those estimates or, where (for good reason) not possible, agree a revised estimate before the previous one is exceeded. This, together with our regular billing policy and transparency on costs, means you retain a degree of control and certainly over your legal spend.