Statutory demands

If you’ve received a statutory demand from someone you owe money to, you have a ticking time-bomb that could go off in 21 days if it’s not dealt with immediately.

If you ignore the statutory demand, or try and deal with it yourself, you risk being made bankrupt and potentially losing your home.

That’s where Ratio can help. With our experience and expertise in handling statutory demands, we can ensure it is dealt with correctly and promptly, keeping you on a firm financial footing.

What is a statutory demand?

A statutory demand is a legal notice which gives you 21 days warning to pay off a debt. After 21 days, if the debt has still not been cleared, it can be followed by a bankruptcy petition.

It has been likened to the legal equivalent of a 'warning shot from a gun'. This is because the average debtor is so scared by the prospect of what may follow – i.e. bankruptcy - that they usually pay up.

Because of the strict legal processes in dealing with statutory demands, a DIY approach is not recommended. If you are too slow in responding, or make a mistake filling in the form, it can lead to bankruptcy.

So if you've been served with a statutory demand, get in touch without delay and we can guide you through the financial and legal minefield before the 21 day cut-off point.