For undisputed debts over £5,000.00 a Statutory Demand can be served without first obtaining a County Court Judgment, upon an individual debtor; partners in a business; the business itself, as well as limited companies, threatening the issue of insolvency based Petitions, unless the debt including interest and any Late Payment Compensation is paid. This is a particularly effective debt collection tool for larger debts. Very often the threat of such Demands, will force your Debtor more immediately to pay what is due. A very clear understanding is required for assessing when it is appropriate to use Statutory Demands, as well as any follow-up insolvency action.
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