Respond to a Statutory Demand

A legal requirement is a written notice requiring payment of a debt by a company or an individual to a creditor. If legal action has been taken, it means that the creditor intends to present a petition to wind up the company, if not paid the debt in case of an individual or a petition in bankruptcy.

It is very important to be aware of the serious effects if s legal claim your business challenges, paying with its creditors. A court assumes that every company is served with a notice not to pay their debts within three weeks, therefore, able to pay their debts. On this basis, they take bankruptcy and have the power to conclude the transaction.

There are strict rules about how to be a legal requirement shall be served upon the debtor. If the debtor is an individual, the creditors will provide all reasonable steps to meet the needs of small and ensure they have taken is received. Be served in case the debtor, a company must ask the company headquarters

If you have received a legal request, you have three weeks to respond. There are basically four ways, depending on the circumstances of your business:
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