In the UK, a debt of £5,000 is the minimum needed to serve a Statutory Demand on an individual. If ignored, this leaves you with the option to start bankruptcy proceedings. So, what is a A Statutory Demand? It’s an official document that serves as a notice to the debtor, (the person that owes you, or your company, money). Once registered, a Process Server is hired to serve (or sub-serve) notice on the debtor. Once served, it gives the defaulting party (your Customer, or ex-Customer) 21 days to come up with the funds to clear the debt they owe. Bankruptcy against
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