Statutory demand
A formal demand for payment that can be used as a step towards bankruptcy or company winding-up if the legal conditions are met and the demand is not dealt with in time.
Related terms
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Demand for payment
A request, usually in writing, requiring a debt to be paid by a stated date. Some demands have specific legal significance.
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Bankruptcy petition
A court application asking for a bankruptcy order to be made, commonly brought by a creditor where the legal conditions are met.
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Winding-up petition
A formal court application asking for a company to be wound up, often presented by a creditor alleging the company cannot pay its debts.
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