Distressed Businesses 101

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Insolvency can be a complex combination of legal and financial concepts, making it hard for those who are not experts to understand. Many individuals are questioning how an insolvency may impact them and their business. Perhaps a supplier has told you that they have gone into liquidation or administration, or perhaps you have gotten a notification from HMRC about being in debt, or a popular business has gone into administration, or even a football team. We’re here to make the complex, simple.

Worried Director?

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Director being investigated?

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Insolvency Risk?

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We've made it clear

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A statutory demand is a formal request for payment of a debt that is used in some legal systems. In the United Kingdom, for example, a statutory demand is a written notice that is served on an individual or company that owes a debt, demanding payment of the full amount within a certain time period (usually 21 days). If the debt is not paid within this time period, the creditor may be able to apply to the court for a winding-up order to force the debtor into bankruptcy.

If the company does not take either of these actions within the time period, the creditor may be able to apply to the court for a winding-up order.

Overall, a statutory demand is a serious legal matter that can have significant consequences for the debtor, and it is important for anyone who receives a statutory demand to seek legal advice as soon as possible.