statutory demand
A demand for payment in a prescribed statutory form under Section 123 of the Insolvency Act 1986. A creditor serves a statutory demand and the debtor is required to pay the debt within twenty-one days, failing which the creditor may petition the court for a winding up or bankruptcy order on the grounds that the debtor cannot pay his debts.

Easyform Glossary of Law Terms. — UK law terms.


statutory demand
A formal written demand for payment of a debt that exceeds £750 within 21 days. If the debtor does not pay within the 21 days, a creditor can present a petition to the court for bankruptcy/winding up.

Practical Law Dictionary. Glossary of UK, US and international legal terms. . 2010.

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