If you or your company owe more than £750 in business rates, we may start bankruptcy or liquidation proceedings against you. First, we will serve a statutory demand for the amount you owe, which will give you 21 days to settle the debt. If you or your company receive a statutory demand, you should contact us immediately. If you do not pay the amount shown on the statutory demand within 21 days, we will present a petition for bankruptcy or liquidation to the high court.
If a bankruptcy order is granted against you, this will mean that:
If you are made bankrupt, the official receiver may control your spending for up to three years.
If your company is placed into liquidation, this will mean that:
Do not ignore the statutory demand.