by scowan
9. November 2010 18:49
Very often businesses are daunted by the legal system. Yet when it comes to recovering monies owed or trying to collect legitimate payment for work done often the law is the only place left to turn. Scottish businesses, and people doing business in Scotland, need to use Scottish law obviously. One of the options open to you in Scotland is a Statutory Demand. In this blog we explain a little more about what a statutory demand is and why it can be of benefit to Scottish business.
Statutory Demand
You should consider this option if you’re particularly concerned about payment of a large debt. For individuals, we are able to issue a statutory demand for payment, though debts have to be greater than £3000. The statutory demand procedure is also available for limited companies, though in this case the debt has to be greater than £750.
Subject to the debtor not denying the debt, or there being a genuine dispute, then we are able to proceed with an insolvency process. You should supply invoices or a statement of account supporting the debt.
What we do
We prepare a formal demand in terms of either the Insolvency or Bankruptcy legislation and instruct court officers to serve it on your debtor.
If there is no denial within 21 days after service we are able to institute insolvency proceedings.
If there is a denial and you want to take the matter further then you still have the option to instruct a court action.
Tags: Business services, collecting debt, debt avoidance, Statutory Demand, Debt recovery, debt collection, debt scotland, Scottish business, Scottish debt collection, Scottish law, UK Debt collection, Yuill and Kyle
Avoid bad debt