If your company is presented with a statutory demand, you should normally take action to resist it before the demand expires which is usually 21 days.
If your company is faced with an immediate threat of insolvency, such as under section 123 (e) of the insolvency act you may much less time to respond.
Once a petition is issued and advertised your companies bank accounts are likely to be frozen and other creditors can join in the Petition. So your company might be destroyed by the process not the alleged debt.
Statutory demands and other threats of insolvency can be defended if a genuine dispute to the entire claim is articulated. We have decades of experience in handing such hostile actions and again we have a great record.
Demands may be defeated if security is offered or if the undisputable part of a claim is paid.
If you receive a statutory demand or any other demand which threatens the solvency of your business, contact one of our team without delay.