A high net worth individual approached us on a Thursday in circumstances where a statutory demand had been purportedly served on him and the bankruptcy petition was due to be presented on the following Monday.
We acted swiftly to take instructions and quickly learnt that there was a genuine and substantial dispute over the alleged debt, that there were potential jurisdiction issues, and that the statutory demand had not been effectively served on our client. We wrote to the creditor explaining the circumstances and seeking an undertaking that the bankruptcy petition would not be presented. The creditor responded to our letter later that same day confirming that the statutory demand had been withdrawn and that no bankruptcy petition would be presented.
