Section 289 — Companies Act 1993: Statutory demand

289 Statutory demand (1) A statutory demand is a demand by a creditor in respect of a debt owing by a company made in accordance with this section. (2) A statutory demand must— (a) Be in respect of a debt that is due and is not less than the prescribed amount; and (b) Be in writing; and (c) Be served on the company; and (d) Require the company to pay the debt, or enter into a compromise under Part 14 of this Act, or otherwise compound with the creditor, or give a charge over its property to secure payment of the debt, to the reasonable satisfaction of the creditor, within 15 working days of the date of service, or such longer period as the Court may order.