| Commentary

76 Inability to pay current debts

| Commentary

76 Inability to pay current debts

Where the debt is payable immediately, the debtor’s inability to pay may be established by one of two sets of facts, either:

  1. 76.1

        that the petitioning creditor to whom the debt is owed has served on the debtor a demand in the prescribed form (known as ‘a statutory demand’) requiring him to pay the debt or to secure or compound for it to the satisfaction of the creditor, and at least three weeks have elapsed from the date when the demand was served without its being complied with or set aside in accordance

To continue reading
View the latest version of this document, as well as thousands of others like it, sign in to LexisLibrary or register for a free trial