What is a Statutory Demand?
A statutory demand is a formal written demand that requires a debt to be paid or a suitable agreement to be reached within 21 days, otherwise you can apply for the Debtor to be made bankrupt (through a Bankruptcy Petition) or wound up (through a Wind Up Petition).
The main difference between a statutory demand and a letter before action is that a statutory demand is only available for larger debts and is usually used when bankrupt proceedings are contemplated.
In debt recovery a statutory demand is the last letter before commencing legal action to have the Debtor made bankrupt and liquidated.
