2 min read
What it is
A statutory demand is a formal demand for a debt the creditor says is undisputed. For a company debt it typically allows 21 days to pay or reach agreement before the creditor can present a winding-up petition.
What to do
Do not ignore it. If the debt is genuinely disputed, take legal advice quickly about setting the demand aside. If it is owed, pay or negotiate within the window. Speed protects the company’s survival and credit.
What it means for you
Credicorp lends to your company, not to you personally, and takes no personal guarantee. See business loans or apply online.
Frequently asked questions
How long do I have to respond to a statutory demand?
Usually 21 days for a company debt before the creditor can move to a winding-up petition. Act well inside that window.
Can I challenge a statutory demand?
If the debt is genuinely disputed or you have a counterclaim, you can seek to have it set aside. Take legal advice quickly.
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Read →Funding for UK limited companies
Credicorp lends to your company, not to you personally — short-term working capital with no personal guarantee. See what your business could access.