When trying to recover a debt there are a number of alternative methods employed by Debt Collection Agency in order to secure payment.
If the debt is undisputed and straight forward we use what is called a ‘Statutory Demand’. This document can be used against non-paying private individuals as well as commercial debtors.
The simplicity of a Statutory Demand makes it the debt recovery tool of preference.
Once served on the individual or business the matter has to be dealt with in a period of 21 days.
Failure to defend or settle the matter gives the creditor the opportunity to petition for bankruptcy with an individual. Or serve a Winding Up Petition on a commercial organisation.
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