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Statutory Demand IVA Glossary

What is Statutory Demand?

A formal notice requiring payment of a debt exceeding £750 within 21 days, in default of which bankruptcy or liquidation proceedings may be commenced without further notice.

(Please Note: The definitions are not intended to be exhaustive summaries of the Law. They are based on material from The Insolvency Act 1986 , and other Acts dealing with this subject.)

The above is provided as information only. Iva.co.uk does not provide debt advice. You must always seek professional advice before taking any action to resolve your debts.