Generally, a Statutory Demand requires the recipient to pay the amount of debt specified within 21 days. A failure to comply with or dispute the Statutory Demand within the specified period will usually result in the recipient being presumed to be insolvent. Accordingly, the consequences of failing to comply with a Statutory Demand are extremely serious and can lead to grounds for a winding up application.
It is therefore vital that if you have received a Statutory Demand, you either pay the debt or seek immediate legal advice from a competent Sydney Insolvency Lawyer. Our Sydney Insolvency Lawyers can advise you on, amongst other things, whether the Statutory Demand is valid, what your rights are with respect to any dispute or whether you should commence an action in Court to set aside the demand.
Contact our office and arrange a consultation with an Insolvency Lawyer. We have branch offices conveniently positioned across the Sydney metropolitan area including in Bondi Junction and we service many suburbs across Sydney, including Haymarket and Penrith. For a full list of our office locations, with complete addresses, click on our Locations tab above or contact our main office line on (02) 9233 4048.
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