Docklands Solicitor

You receive a statutory demand and are therefore facing bankruptcy (if you are an individual) or winding up (if the debtor is a company). What can you do? You can

Pay up in full if you agree you owe the money

Try to agree a payment plan with the creditor

Dispute the debt in full or part. The Court must be satisfied that there is a genuine dispute on substantial grounds. If the undisputed part of the debt is reduced below 750 pounds, the creditor cannot proceed to issue a bankruptcy or winding up petition

Raise a genuine and serious cross-claim, which either exceeds the debt, or reduces the undisputed debt to below 750 pounds

Pay an amount which reduces the undisputed debt to below 750 pounds


If you told the creditor beforehand that you disputed the debt, you should speak to us about setting aside the statutory demand (if you are an individual) or getting an injunction to restrain the creditor from issuing a winding-up petition winding up (if the debtor is a company)

Labels: bankruptcy winding up statutory demand debt