If you don’t respond to the demand within the time limit a bankruptcy petition or a winding up order for a Ltd company can be lodged with the court and all your creditors not just the one that sent the demand will be informed by the courts official receiver, including your employers, bank and building society, credit card companies etc.

You will also have to pay the court petition cost of £1200. for an individual or £1800. for a Ltd company plus any legal cost incurred at the hearing (about £2500.).

You will given a court date, if you do not come to an agreement with the creditor before the court date. The Judge will make you bankrupt/winding up on the day, the official receiver will be appointed to investigate all your financial history.

If you are a Limited company the petition will be advertised in the London Gazette the banks will then freeze all your accounts.

Nothing is over looked as they make their fee from anything they can get from you.

• The statutory demand procedure is simple to use and does not require any notice.
• You can have statutory demand served in person or by post or email.
• Debt collection companies buy defaulted debts like Credit Card/Loans and use them to enforce payment.
• Council Tax. Landlords Rent Arrears. Solicitors Bill. etc.
• You do not require a solicitor to send a stat demand to an individual or company.
• You do not need to involve the court in sending a statutory demand.
• A statutory demand is not sent by the Court but by the Creditor.
• You or your company would need to involve the Court to Set Aside or apply for an Injunction.
• They are more effective and cheaper than a county court summons to send.
• You can send a demand in advance of a debts due date.

Debts from Dubai can be enforced in the UK within 10 years.