Everything You Need To Know About Statutory Demands

If you have any commercial accounts to be recovered then you must get into the process of recovering it as soon as possible. Here is all you need to know about the statutory demands and how it works and how European debt collection companies can help you get back your blocked funds with the help of its international network of collection agents.

What is the statutory demand?

It is a formal written request to the debtor to pay back the debt. The demand is made to the debtor who has around 21 days to respond. He must either repay the loan or come into a contract that explicitly outlines when the debt will be repaid and how.

As a creditor, you can present a petition for bankruptcy against any individual if the debt is over 5000 Pounds or wind up the company that owes 750 Pounds or more. A creditor can also send the balance to the home or business offices of the debtor to recover the loan. Statutory demands can only be served to the debtors who are less than 6 years old and have not expired.

How can you serve a statutory demand?

You must ensure that your debtor is aware that he has received the statutory demand. You can serve the notice to the person. So the debtor would not get away with the excuse that he has not received the statutory demand.

Other ways of sending a statutory demand is a letter or an email. You can also advertise the demand in the newspaper if the debtor is not reachable through letters, emails.

Serving the statutory demand to registered limited companies

You can serve statutory demand by delivering the demand in-person to the registered offices or sending the recorded post. You can also hand in the demand to the senior officer of the company. An authorised person must sign the demand before sending.

What should the statutory demand contain?

Your statutory demand when presented to your debtor must contain all the information including the contact details of someone that can contact to discuss their debt. It must also have the right to apply for the demand and the date. The main body of the demand should state how much debt is to be repaid and on account of what it has arisen.

Serving statutory demand abroad

A statutory demand can be served to the international debtors. In this case, the debtor has 28 days to comply with the demand. In case you are dealing with an unregistered limited company then you must fill in the correct forms and also provide the proof of service on account of which debt has arisen.

Debt collection is a hectic and challenging task. If you are short of time and want to save your effort then you must reach out to a debt collection USA company who would help you in recovering your funds.

Debt collection France companies are the best experts in this regard. From tracking the debtor to sending the statutory demands, they look after each legal formality to get back your money.

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