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T O P I C R E V I E W
Chris.62
Posted - 24 November 2011 : 07:50:38 i have been threatened with a stat demand but i dispute there claim under sect 76/77 consumer credit act also total debts are less than £7500 and all disputed as above if a bankruptcy petition was granted would we have to sell our house jointly owned worth 195k with 60k outstanding
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Richard P
Posted - 24 November 2011 : 08:58:58 Chris as typed on another stat demand thread
alas HMRC are being very busy
yes the house is vulnerable please get advice soonest
If you receive a statutory demand you have: •21 days (or 28 if you live abroad) to ‘satisfy’ the demand
•18 days (or 22 if you live abroad) to ‘set aside’ the demand - challenge it in court to get it cancelled
A demand is satisfied if the debt is ‘settled’ (paid in full) or ‘secured’ (an agreement is reached to pay it, for example, in instalments). To set aside a demand - see the section ‘How to challenge a statutory demand’.
You shouldn’t ignore a statutory demand. If it isn’t satisfied or challenged, the creditor (person owed money) can apply to the court to issue a bankruptcy or winding-up order against you. Bankruptcy orders are for individuals and sole traders and ‘winding-up’ orders are the equivalent for a company.
