The following Restructuring & Insolvency guidance note provides comprehensive and up to date legal information covering:
This Practice Note looks at what a statutory demand is and what it seeks to achieve in both corporate and personal insolvency. It assumes that the debtor is based in England and Wales.
As of exit day (31 January 2020) the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. References to exit day in many Brexit SIs are to be read as reference to IP completion day (Implementation Period completion day, defined in clause 39 as 31 December 2020 at 11.00 pm) (unless that provision is expressly disapplied by the SI in question). For further details, see News Analysis: Brexit—impact of the Withdrawal Agreement and European Union (Withdrawal Agreement) Act 2020 for R&I lawyers and Brexit Bulletin—key updates, research tips and resources.
The Civil Jurisdiction and Judgments (Hague Convention on Choice of Court Agreements 2005) (EU Exit) Regulations 2018, SI 2018/1124 have an impact. For further details, see Practice Note: No deal Brexit—jurisdiction (the Hague Convention on Choice of Court Agreements).
A statutory demand (in both corporate and personal insolvency) is a demand for a debt—either payable now, or payable at some future date—which is served on the debtor
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