A “statutory Demand” is a legal demand for payment. They cannot be served on a disputed debt as this may incur massive costs for the creditor. When used correctly, a debtor has 21 days to pay or dispute the demand. If neither is done, then the creditor may then present a petition for insolvency, a bankruptcy petition for individuals and a Winding Up Petition for a business. There is a minimum balance of £750 or £5,000 for companies and individuals respectfully.