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 credtor 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 0845 388 9725 immediately for free assistance.
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