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Stat Demand - Past Date


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Hi all,

 

I'm just going through a new client's details and I see he has a hand delivered statutory demand, from Gill Turner Tucker solicitors, in respect of a debt owed to a business property lease, the debt around £18,000. He has equity of approximately £30,000.

 

The SD is dated 6th November - any tips as to what we can do next?

 

Many thanks!

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is some all of the debt disputed? If so, write to the person named in part B of the SD and lodge the dispute would be my first suggestion.

 

 

The stat demand is well past the 18 days though, isn't it?

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The stat demand is well past the 18 days though, isn't it?

 

 

yes BUT I do not believe that prevent resolution. Disputing the debt is part of a resolution process without court action under the Insolvency Act. You need to write and explain the nature and scope of the dispute. At the end of the day the goal of both sides should be resolution without court intervention.

 

Up to 18 days you can apply for a set aside; after 21 days they can commence action BUT I do not believe that resolution through payment plan and/or a charge and/or dispute have any such timescale. Otherwise the ONLY course of action now would be court action and I cannot see how that would ever be the intention of the legislation Plus, I cannot see any timescale restriction on resolution from what I have read.

 

At the end of the day if you write, the worst they can do is say sod off we're going to court which then tells you their next step and gives you an attempted resolution and dispute letter to show the court.

 

It is what I would do because, quite frankly I cannot see any option other than sticking your client's head in a bucket of sand and hoping they forget to begin proceedings!

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Would you suggest offering the solicitors a voluntary charge on the property? If they refused and it went to court, would that be a way of getting the proceedings halted, by pointing out they have turned down a reasonable way of securing the finance? On the stat demand it reads;

 

The creditor demands that you pay the above debt or secure or compound for it to the creditors satisfaction.

 

Could they refuse this?

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Would you suggest offering the solicitors a voluntary charge on the property? If they refused and it went to court, would that be a way of getting the proceedings halted, by pointing out they have turned down a reasonable way of securing the finance? On the stat demand it reads;

 

The creditor demands that you pay the above debt or secure or compound for it to the creditors satisfaction.

 

Could they refuse this?

 

 

They could but they would be mad in normal circumstances. If your client does not dispute the debt then a voluntary charge is worth considering. I would suggest offering a partial charge and a partial repayment plan if that is possible for your client - eg 80% charge and 20% repayment or 60:40 etc - you get the idea. BUT it also depends on what other debts s/he has and what the status of them is.

 

A voluntary charge is preferable if appropriate because it leaves him in charge of his finances without a bankruptcy order and an official receiver and the associated costs. With bancrupcy the OR takes over pretty much, although the obvious upside is that there is more of a clean slate after the 1 to 3 years - but there is a lot to loose, esp. if they have a job that specifically excludes bankrupts as well - they could end up with no house and no job:eek:

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