Statutory Demand

A Statutory Demand can only be made for an unsecured debt. If the creditor holds some security on the debt, then that value must be stated so the unsecured portion of the debt is known. The demand is normally issued to you in person by the creditor, but it may be posted, provided there is proof that you are aware of the demand. Failure to comply with a statutory demand is seen as proof you are not able to repay the debt and as such, the creditor is entitled to serve a bankruptcy or winding up petition to the court. Do not despair! It is not the end. Tenable Solutions Ltd has the Legal knowledge and expertise to deal with such problems and always strives to get the desired result, providing you with a way forward.