Q4. How do I recognise a Statutory Demand?
A Statutory Demand is a formal document with the words 'Statutory Demand' at the top. It gives you notice that your creditor may make you bankrupt if you do not pay what you owe them. A Statutory Demand expires after 21 days. If you do not pay within this period, the Statutory Demand can be used to prove apparent insolvency.
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