Archive for the ‘statutory demand’ Category
The very first thing you must do when buying a statutory demand is pay attention. This isn’t something you can ignore and even postpone for one more day, these demands must be answered promptly. A statutory demand is initiated by the creditor as a need for payment, installments or security on the debt your business owes, and when left unanswered they might request bankruptcy on your company after which the courts will appoint a receiver, examiner or liquidater to deal with the situation.
Once you receive this kind of notification your company is within distress you ought to be searching for some tips. You can find insolvency consultants you can utilize for help; you may also have an in-house legal adviser who could point you within the right direction. The way to go to your statutory demand is going to be very established by where your company is and when there’s any hope of financial recovery. A good insolvency consultant can be from the information along with you and talk about locations you can trim costs and begin covering your company debts.
Many business owners and folks want to know when they can handle a statutory demand themselves, and even you’ll be able to however it will still require prompt attention. In a few instances, these demands are issued but not valid, so that you can put on the courts to get them set aside. Again, this is something you’ll want to address in due time, say within 18 days of receiving the statutory demand.
• You dispute the amount of your debt
• There is a counterclaim for longer than the current demand against you
• Demand is below a specified sum
• You don’t owe your debt
If you don’t have with the above situations to square for you will have to respond to the demand, preferably with all the entire amount owed or requested installments. In some instances, you’ll be able to secure the debt with real estate that you own.