A Statutory Demand for Payment. The legal process used by government (HMRC) and debt recovery companies to collect debts.
A statutory demand gives a person, limited companies, LLP's, sole traders or partnerships up to 21 days warning to pay the debt. After that the statutory demand has runs it course and it can followed by a bankruptcy or winding up petition.
In the minds of a debtor or a debtor’s solicitor a statutory demand is the legal equivalent of a 'warning shot from a gun'. This is because the average debtor is so scared by 'what may follow' that they usually pay up.
In fact statutory demands are so successful that in 99% of cases following the issue of a statutory demand a bankruptcy petition is NEVER issued.
Statutory Demand Services is a service provided by the UKCCC to its members. There are no expensive solicitors fees or high commissions charges (25-35%) to debt recovery companies. SDS can complete and issue your statutory demand for as little as £95 (which is recovered back from the debtor) and within 24/48 hours.
For more information visit our dedicated web site for Statutory Demand Services and ComPay UK Here or call 01249 476244. You do not need to be a member to use this service, you would however be most welcome to join as an associate memeber, it's Free.