How To Deal With A Statutory Demand

How To Deal With A Statutory Demand

Have you ever failed to pay your debt on time? If yes, chances are you might face pressure to make a payment in the form of a statutory demand letter and reminders. In most cases, a statutory demand is often the last resort for a creditor that hasn’t been paid on time by your business. That’s why your business would have legal repercussions if ignored. Keep reading to find out how to deal with a statutory demand.

Statutory demand – what is it?
A statutory demand is basically an official document which demands your business to pay your debt for the creditor. It is often sent by your creditor after other types of debt collection like reminder letters or phone calls have failed. A solicitor is required for sending statutory demands, which costs a lot of money for the creditors to hire. This means that when you receive this document, the creditor is undoubtedly ready to take serious action against your business, so you should seek guidance from across the solicitors Chester landscape.

Requirements for statutory demands
A creditor cannot just issue and send you a statutory demand to prompt an immediate payment of their debts. In fact, they have to meet a few requirements:

– The debt should be more than £750

– The debt shouldn’t be secured by an asset worth more than the debts

– The debt should be agreed on by your company without any dispute

– The creditor mustn’t owe any debt to your business

If the creditor meets all of these conditions, they can send to you a statutory and require a debt payment within 3 weeks.

What should you do with a statutory demand?
When you receive a statutory demand, it suggests that the situation is incredibly serious. Thus, your business should never neglect it, or the creditor will issue a petition to liquidate the assets. There are many to respond to statutory demands. The most obvious one is to pay all of your debt to the creditor. So if your business has sufficient cash flow and funds, this should be the first response to a statutory demand.

But what if your company is in financial difficulty? Then it is necessary to negotiate a CVA or company voluntary arrangement with your creditor. This document will enable your company to pay a partial or full amount over an agreed period. Make sure to do all of these tasks within 3 weeks.

What if you neglect a statutory demand?
Since a statutory demand is the last resort of your creditor to get their money back, they can file a petition to the High Court. As a result, it will lead to the liquidation of your assets and the closure of your business to repay the creditor. Therefore, make sure to respond to the statutory demand quickly to avoid these issues.

Manchester law firm announce partnership with Dementia Support group

Manchester-based law office, Glaisyers Solicitors LLP, has framed an association with Together Dementia Support to run a CSR program supporting the association’s work throughout the following year. The law office, based at St James’ Square in the downtown area, will raise support and give help to volunteers throughout the year to come for a very worth charity which offers support and restorative exercises for individuals living with dementia and their carers all over the Manchester region.

Remarking on the association, Chris Burrows, a senior staff member at Glaisyers Solicitors, stated: “We needed to choose a philanthropic cause that we could truly help, not simply fund-raise for. Notwithstanding raising support, our specialists can manage lawful issues including legalities surrounding dementia and offer information and involvement here. This empowers us to give useful help to both the association, and the general population. It makes a difference.”

“In Together Dementia Support, we feel that we have discovered a cause that offers a comparative ethos to Glaisyers Solicitors LLP, so everyone in the firm is anticipating doing their bit to have a genuine effect to both the organisation and those it bolsters. With more than 850,000 individuals living with dementia in the UK, there are not many people that have not been impacted by the illness somehow.”

Together Dementia Support was set up in 2014 in light of the requirement for individuals living with dementia to have spots to go and suitably empowering exercises to do. The association has developed relentlessly and as of now runs eight help groups over the city of Manchester, something that Manchester solicitors Glaisyers are in support of.

The charity and its staff team give a scope of exercises including: a ‘Walk and Talk Group’, a Gospel Choir, a Carers’ Drop-In and an Art Group. As well as the support of Manchester solicitors, it also depends on an extensive group of volunteers who help the accomplished facilitators to run these gatherings.

On the organisation’s behalf, director Sally Ferris stated: “We are so pleased to work with Glaisyers Solicitors LLP and are extremely thankful for their help. Our gatherings and exercises are such a key advantage to numerous people in the district living with dementia. This help will enable us to expand on our timetable of projects and keep on delivering support across our network.” TDS is excited about enhancing the personal situations of individuals with dementia, and their carers, trusting that individuals with this condition still have much to add to society and ought to be empowered to remain physically fit and have a fabulous time.”

Together Dementia Support is quick to empower the voice of individuals with dementia and their carers to be heard in forming better administrations. The association with Glaisyers will help TDS in raising assets to keep up and build up its administrations. It will likewise help Glaisyers staff and supporters to take in more about dementia and to realize that they can have a positive effect for these individuals in Manchester.