The success or failure of any business can depend on how good or bad its credit control procedure is, particularly in the current economic climate.
Correctly used, statutory demands are a very effective weapon in a creditor’s armory when it comes to recovering payment of an undisputed debt from either an individual or corporate debtor.
A statutory demand is a formal written request for payment of a debt. It is a powerful tool for creditors to recover money owed to them by individuals or companies.
The consequences for a debtor of ignoring a properly served statutory demand can be catastrophic should the creditor subsequently present a bankruptcy petition for an individual or a winding-up petition for a company.
For this reason a debtor will usually engage promptly with the creditor following service of the statutory demand which enhances the prospect of a satisfactory outcome being achieved for the creditor.
If you are a creditor who is owed more than £750 by a company or £5,000 by an individual, contact us to see if the service of a statutory demand upon the debtor is the correct strategy for you.
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