A statutory demand is a formal request for money by a creditor that is owed a minimum of ยฃ750. The demand can be served on a debtor as soon as the debt becomes overdue and can be done without a court order. The debtor has 21 days to pay or dispute the claim. If the demand is ignored or uncontested; the debtor is regarded as insolvent, and the creditor can take further action to collect the debt.
