Received a Statutory Demand

sgx.saint

So in my case, with no assets and at least an ability to pay, then it would probably act in my favour to have the BR scrapped?

file_wizzard

sgx.saint wrote:

So in my case, with no assets and at least an ability to pay, then it would probably act in my favour to have the BR scrapped?

Kind of, in the circumstances described above then the petition would probably be unsuccessful, however this would not stop any further petitions either by yourself, or another creditor.

I think the general thing to take away from this is that a "real" statutory demand has very serious implications, however generally it is not in an unsecured creditors interests to fully persue as it will invariably cost them far more to achieve than they will recover.

sgx.saint

I really appreciate the information.

I assume from what has been said, that on unsecured debt, statutory demands are few and far between?

file_wizzard

sgx.saint wrote:

I really appreciate the information.

I assume from what has been said, that on unsecured debt, statutory demands are few and far between?

Lots more DCA's seem to be using the threat, however in reality petitions arising from statutory demands are still relatively rare.

rog2

file_wizzard wrote:

Lots more DCA's seem to be using the threat, however in reality petitions arising from statutory demands are still relatively rare.

Seems to be more common with 'Crown Debts' - Tax and VAT.