If your business has been served a Statutory Demand, it is vital that you act quickly. Our specialist debt recovery team here at Three Graces Legal are on hand to provide expert advice when you need it most.

If you are based in England or Wales, you have to act within 21 days, otherwise this could lead to the winding-up of your company. Our team will lay out your options for you clearly and concisely. We understand that you may be facing financial difficulty and as a result, we offer a flexible and affordable fee structure that can be tailored to your circumstances. There is no time to delay, contact Three Graces Legal today by calling 0151 659 1070 or complete our online enquiry form and we will get back to you right away.

Experienced debt recovery lawyers, Liverpool, Wirral, Merseyside and across England & Wales

If you are served a Statutory Demand and the debt is genuinely owed, you should take steps to pay the debt or make arrangements with the Creditor to settle it.

There are situations where a Statutory Demand is served when it should not have been, such as where there is a genuine dispute or where there is a counter-claim equal to or exceeding the creditor's claim. Even if this is the case, the Statutory Demand still needs to be addressed, otherwise Insolvency Proceedings may be commenced.

Depending on how much time you have, you may seek to contact the Creditor to set out exactly why the debt is not owed. You need to seek an undertaking from the Creditor (or their agent) that they will not commence Insolvency Proceedings. You need to act quickly, however, because this will reduce the time you have to deal with the Statutory Demand, and if the Creditor declines your request, you may struggle to prevent Insolvency Proceedings against your business.

You may – in the absence of any undertaking to desist from Insolvency Proceedings – make an Application to the Court seeking an Injunction which restrains the Creditor from commencing Winding-Up Proceedings.

What if my company disputes the debt?

The statutory demand makes reference to a 'liquidated sum'. What is this?

How much is owed?

Steps you need to take

What we can do for you

What is meant by “being advertised”?

What if my company's bank account or other assets are frozen?

What if the undertaking is not given?

Can I challenge the petition against my company?

What If I pay the petitioning creditor?

Can I get more time to pay the debt?

What if I need more than six weeks?

Can I not simply let the company go into liquidation?

Next steps

Contact our debt recovery solicitors

If you need a strategic and cost-effective team of debt recovery lawyers, Three Graces Legal can help. We always fight for your best interests and are ready to help you take control of financial worries in your business. To speak with one of our experienced solicitors, call now on 0151 659 1070 or complete our online enquiry form and we will get back to you right away. We look forward to helping you get back on track.

 

How can we help you?

To find how our friendly and knowledgeable solicitors can help you, contact us today.

Get in touch - 0151 659 1070