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Alice H
Alice H, Solicitor/Partner
Category: Law
Satisfied Customers: 2850
Experience:  Partner in national law firm
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I have made losses whilst trading and have now received a statutory

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I have made losses whilst trading and have now received a statutory demand from the broker. I'm not sure I am liable of this , so would like to deny liability. I am aware of the 21 days after the demand regarding bankruptcy. Is there a time limit liability and what would be the process of doing so?
Alice H : My name is ***** ***** I'm happy to help with your question today.
Alice H : There is no formal process a defence to the demand but you can apply to the Court to set it aside.
Alice H : Fill in form 6.4 – application to set aside a statutory demand and form 6.5 – statement of truth :
Alice H : If the court accepts your reasons aside a court hearing will be arranged to discuss the debt. The deadline the debt will be suspended. If your reasons are not accepted and you are unsuccessful, the time period to pay back the debt will restart. If you don’t pay in time and your debt is £750 or more, the creditor can apply to bankrupt you.
Alice H : Can I assist further.

Yes I was asking more in line with whether after 21 days, a denial is still valid. I am looking to seek counsel about whether there is a case liability, but as I have a full time job, this may not be easy to fit in. I am uncertain how far the btoker is prepared to go, and would like to see his next steps before I commit to significant fees. Will I be compromising a 'denial of liability' positiion?

Alice H : Do you mean the time limit has passed? are you
Alice H : Are you out of time?

No the demand was issued last Sunday so I still have time on the 21 days

Alice H : The time limit is 18 days.
Alice H : How much is owed and why do you dispute the claim?
Alice H : After service. So don't leave it too long.

About 2.5 million and I am looking to see if I have a claim as to whether the products I was dealing in were not appropriate

Alice H : Understood. a high value claim it would be worthwhile meeting a lawyer and discussing the issues properly. My involvement is only going to be limited to this Q&A forum, but I am happy to answer specific questions that you may have.

The specific question I have is whether waiting to see their actions after 18 days would compromise my denial of liability position (I am also trying to negotiate a position so dont want to seem too aggressive)

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You can certainly wait and see what they do next.
But if you don't apply to set aside the statutory demand you may find yourself subject to bankruptcy proceedings.
At that stage you will not be able to set aside the stat demand because you wil be out of time.
You can apply to set aside out of time - but will not have a good reason to do so.
If a bankruptcy petition is presented you can still defend the claim - you are not prevented from doing so simply because you did not respond to the stat demand.
But, of course, the court my view a defence lodged at a later stage with skepticism.
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