Statutory Demand
If you have continually failed to meet repayments on debts, then the first step a creditor can take towards petitioning your Bankruptcy is to issue a Statutory Demand.
A Statutory Demand basically means that the creditor you owe money to is demanding the full amount is repaid. This is normally issued before a debt is due, therefore creditors do not need court permission.
If you dispute the claim, then you could have the demand set aside. You will have 21 days to repay the debt, but if you cannot settle the debt, a creditor can then petition for your Bankruptcy.
