Statutory demand
| Author | Mark Watson-Gandy |
| Pages | 1-11 |
A company may be wound up by the court if it is unable to pay its debts.
A company is deemed unable to pay its debts
STATUTORY FORM
Form SD1. The statutory demand must be headed either:
ƒ Statutory Demand under section 123(1)(a) of the Insolvency Act 1986; or ƒ Statutory Demand under section 222(1)(a) of the Insolvency Act 1986.
The statutory demand must set out:
ƒ the full name of the company;
ƒ if the company is incorporated in England and Wales:
– the company’s registered number;
2 Corporate Insolvency Practice
ƒ if the company is incorporated outside the United Kingdom:
– the country in which it is incorporated;
– the company’s registered number in that country;
– its overseas registered company number under Part 34 of the Companies
Act 2006;
ƒ if the company is unincorporated in England and Wales:
– the company’s postal address;
– the registered office of the company;
ƒ the name of the creditor;
ƒ the address of the creditor; ƒ a statement that:
– the demand is made under s 123(1)(a) of the Insolvency Act 1986; or – the demand is made under s 222(1)(a) of the Insolvency Act 1986;
ƒ the amount of the debt; the consideration for the debt or, if none, how it arises;
ƒ if the demand is founded on a judgment or order, details of the judgment or order, that is to say:
– the name of the parties;
– the full name of the court where proceedings were filed; – the court number allocated to the case;
ƒ if the creditor is entitled to the debt as assignee, details of the original creditor and any intermediary assignees;
ƒ a statement that the company must pay the debt claimed in the demand within 21 days of service of the demand on the company, after which the creditor may present a winding up petition unless the company offers security for the debt and the creditor agrees to accept security or the company compounds the debt with the creditor’s agreement;
ƒ contact information for the creditor to enable the company to communicate with him, with a view to securing or compounding for the debt to the creditor’s satisfaction. This must include:
– a named contact accrued at the date of the demand; – the contact’s address;
– the contact’s telephone number;
– the contact’s electronic address;
ƒ that the company has the right to make an application to the court for an injunction restraining the presentation or advertisement of a winding up petition;
ƒ the name of the court before which (on present information) the company must make its application for an injunction;
ƒ any charge by way of interest not previously notified to the company as included in its liability that has accrued at the date of the demand;
ƒ any other...
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