A creditor has served a statutory demand on my company

A statutory demand under the Companies Act 1993 is a formal step by a creditor. If the company does not pay, secure or compromise the debt, or apply to set the demand aside, within 15 working days after service, the company is presumed to be unable to pay its debts, and the creditor can apply to the High Court to put it into liquidation. You can apply to set the demand aside on grounds such as a genuine dispute about the debt, an offsetting claim or a defect in the demand. The application must be made within the same 15 working day period, and the time limit is strict. Get legal advice immediately and gather your documents showing the dispute. Ignoring the demand is the most common and costly mistake.