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Statutory demands
When a company owes money it can be served with a formal demand for payment known as a statutory demand. Failure to pay the money owed within 21 days can lead to serious consequences.
The purpose of a statutory demand is to establish that a company can not pay its debts. When a formal demand for payment is issued to a company that owes money, the company is required to respond. If it fails to comply with the statutory demand, the company may be presumed to be insolvent and may be forced to be wound up and liquidated.
This resource outlines some of the key terms and concepts associated with statutory demands. It describes what needs to be done for a statutory demand to be served correctly and provides an example of a statutory demand form.
It also explains what alternatives exist to serving a statutory demand, including commencing legal proceedings and issuing a claim under the relevant Security for Payment legislation in your jurisdiction.
If you’ve been served with a statutory demand, the resource can assist you with steps you need to take to respond to the statutory demand and what grounds exist for setting the statutory demand aside.
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Who is it for?
Residential builders and industry professionals
This resource is designed for builders and industry professionals who want to understand what a statutory demand is and how to respond when one is issued.
What does it include?
- Key facts in relation to statutory demands
- Key terms used
- Serving a statutory demand
- Failure to respond to a statutory demand