A statutory demand is a prescribed form served by a creditor on a company 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.
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.
The presentation of a winding up petition can have a serious impact upon a business and its directors personally. That said, with the right advice your business could still be preserved and your liability limited. Contact us on 01451 832533 immediately for free assistance.
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