Section 268(2)

For the purposes of section 267(2)(c) the debtor appears to have no reasonable prospect of being able to pay a debt if, but only if, the debt is not immediately payable and— the petitioning creditor to whom it is owed has served on the debtor a demand (also known as “the statutory demand”) in the prescribed form requiring him to establish to the satisfaction of the creditor that there is a reasonable prospect that the debtor will be able to pay the debt when it falls due, at least 3 weeks have elapsed since the demand was served, and the demand has been neither complied with nor set aside in accordance with the rules.

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Source: legislation.gov.uk · retrieved 2026-09-04