Statutory Demand
- Are you frustrated by late or bad debtors?
- Do you feel exhausted having to chase them and would like to turn the tables?
- Have you considered a statutory demand?
It is usually quicker, cheaper and easier to collect your payment using debt collection letters. However, if these do not produce the desired effect, then a statutory demand may do so.
Else Solicitors have over 50-years experience in credit management. You can rely on our solid processes and reputation to collect your debts. Our debt collection letters have an impressive 95% success rate. This is partly due to our approach and partly due to our well established reputation. While some companies will happily ignore debt collection letters from other companies, this not the case with a letter from Else.
So, it is rare that you need to consider another approach such as a statutory demand. But what is a statutory demand and does it apply?
A statutory demand is a formal request from you for the payment of a debt from an individual or a company. You or your solicitor can complete a statutory demand form and deliver (serve) it to your debtor.
If your debtor does not pay or agree payment terms with you within 21 days of receiving the demand then you can apply to the Court to wind up their company.
To be able to wind up their company, you must be:
- Owed more than £750
- Able to prove that the company can’t pay you.
This is a last resort approach which is not without risk. You will be guided and advised through the process by our experienced team. We will discuss the various options with you and look at the approach that will get you paid as quickly as possible.
This approach can rapidly turn “won’t pay” into payers. However, if your client can’t pay then this may leave you permanently out of pocket.
