How to respond to a statutory demand

How to respond to a statutory demand

A statutory demand is a written notice demanding payment of a debt owed by a company or an individual to a creditor. If a statutory demand has been issued, this indicates that the creditor intends to present a winding up petition to the business if the debt is not paid or in the case of an individual a bankruptcy petition.

It is very important to be aware of the serious implications of s statutory demand if your company is having difficulty paying its creditors. A court will assume that any company served with notice who does not pay their debts in three weeks is therefore unable to pay their debts. On that basis they will assume insolvency and have the power to wind up the business.

There are strict rules surrounding how a statutory demand must be served on a debtor. If the debtor is an individual, then the creditor must take all reasonable steps to deliver the demand by hand to ensure that it is received. In the case of the debtor being a company the demand must be served at the registered office of the business. If this is not done, then the demand may be invalid and unenforceable.

If you have received a statutory demand, you have three weeks in which to respond to it. There are basically four options depending on your business’ circumstances:

  1. Pay the amount owed in full. Once the creditor receives payment, the matter will be settled and the demand dropped.
  2. Speak to the creditor you owe money to and come to an agreement to repay the debt over a sensible time period. A court will generally take a dim view if a creditor is simply using a statutory demand as a method of debt collection. You may be able to get the court to rule in your favour if you believe that you are making a reasonable offer to repay the debt over a longer period and the creditor is unwilling to agree to it.
  3. Present the court with a counter claim as to why you believe the debt is not valid. If the court upholds this claim, the statutory demand will be extinguished and the creditor will not be able to take further action against your company.
  4. Ignore the demand and make no payment. If the demand is valid but no payment agreement is reached after a three week period, the creditor is entitled to present a winding up (bankruptcy) petition against your business which is likely to be upheld by the court. This will have serious implications. On receipt of a winding up petition, your company bank account will be frozen. Then, if the petition is not withdrawn, the business will be closed.

It is important to understand that the court views the service of a statutory demand as the first step towards declaring a company or individual insolvent. It therefore follows, if you have received a statutory demand but cannot reach a payment agreement, the court may allow your creditor to proceed with issuing a winding up petition to wind up your company. However, any creditor would be foolish to issue a statutory demand unless they have tried and failed to collect their debt through normal collection procedures. If a creditor has not been reasonable in negotiating repayment terms or there is a genuine dispute over the validity of the debt or a counter claim could overturn it, then the court will very often throw out the statutory demand.

Source by: Derek Cooper
iphone 7 plus

How To Turn Your Computer Into A Free Phone

Well you can now!

I remember when my older brother was an exchange student back in the early 70’s. He went to the United States for a year and back in Denmark, we – his family, were always waiting for letters to hear, how he got along. The thought of just picking up the phone and calling across the Atlantic Sea was almost without reach for anybody else than the very well off.

We did call him once and paid a fortune for only 3 minutes. Those days are over. Thanks to technological breakthroughs anyone can make long lasting international calls for free or for very little money.

You can turn your computer into a free telephone simply by downloading the right software, and buy a headset with microphone which you can get for less than € 10. And then you are ready to go…

If you don’t want to be tied to the computer with a headset – get yourself a wireless internet phone or a wireless headset. It cost a little more, but it means you can curl up in the sofa while you are telling your friend in “Far-Far-Away” all about your new lover.

Calling everybody for free from your computer is still not possible – as the person you want to call will have to have downloaded the same software as you. And even though you might persuade your friends and family to do so – there will still be a lot out there, that haven’t got the required software. That’s not a problem. You can still call their landlines or mobiles with a calling plan and you can even buy an online phone number so everybody can call your computer from their landlines or mobiles.

There are many providers available and many different calling plans and you will have to sort out your calling needs before you choose what works best for you.

I am Danish, living in Spain – with family and friend in Denmark and the UK, so I have combined two calling plans.

I have one plan that allows me to call landlines in 20 different countries in Europe at any time and for as long as I like for only € 4.95 per month. To cover the rest, which in my case means mobile phones and occasional calls to countries outside of Europe, I buy credit. I top up my credit with € 10 at a time and most of the time my entire calling needs are covered for € 14.95 a month.

Source by: Dorte Holm Jensen
iphone 7

Apple Iphone: Finding the Imei Number

Users of the Apple iPhone are smart and so are their informations which they required. From the bunch of the informations that is required one that is of importance is IMEI number. The IMEI number is called International Mobile Equipment Identity.

Here are few of the ways to recognize the IMEI number of the Apple iPhone.

This article shows you several different ways you can locate it. (1) In iTunes 7.3 or later (2) On the back of your iPhone (3) In the iPhone About screen (4) On your iPhone packaging (serial number only).

Let us find out the way to find out the IMEI number from the iTunes 7.3. First, connect the iPhone to the computer. Second, when the iPhone appears in iTunes 7.3 or later, select it. Third, click the Summary tab, and the iPhone’s serial number will display on screen.

Note: If you click the words “Serial Number” in this tab iTunes will also display the IMEI of your iPhone.

The second way to find the IMEI number is by : iPhone’s serial number and IMEI are engraved on the back metal case.

Moreover, there is another method to find the iPhone serial number and IMEI in the About screen on your iPhone. From the Home screen, tap Settings > General > About.

From the Phone packaging is another method: If you still have the original packaging that your iPhone came in, you can find your iPhone serial number printed on the barcode label that’s affixed to the packaging.

For Mac users it is little bit different : Connect iPhone Bluetooth Headset to your Mac via the iPhone Bluetooth Travel Cable or iPhone Dual Dock (disconnect iPhone if it is connected to the cable or dock). In Finder, choose, Apple > About this Mac. Click More Info and then click the reveal arrow next to Hardware. Then click USB. Under USB Device Tree, there will be an entry for iPhone Bluetooth Headset.

apple iphone

Source by: Adam Caitlin
iphone 7

What if the iPhone 7 Plus dual camera had six camera lenses to choose from? You'd get the Shiftcam case

Rugged cases? Check – we have plenty of these to choose from. Six camera lenses? Hold up a second – what is this, and do we actually need it? Well, we think the freedom to switch between real telephoto, wide-angle, fish-eye, and macro lens at any moment sounds pretty freaking great! Why ask seemingly random questions? Because there’s a product that offers both these things in a single package!

The Shiftcam Camera Lens Case for the iPhone 7 Plus is seriously rugged and has six built-in switchable lenses. It also has the formidable and intimidating looks …

Start Your Own Daycare – Important Questions That You Should Ask Yourself Before You Open A Daycare

If you are going to start your own daycare there is a lot of information that you will need to know beforehand. It is always best to be prepared for any situation that might come up than to be at a loss for what to do. Below is a small part of what you will need to know before you start your own daycare.

Where will your daycare be located? Are you going to run the business in your home or at another location? Do you want to have a licensed home day care or an independent home day care?

What kind of a daycare do you want to open? The number of children in your daycare, age groups, after school, part time, what will your hours of operation be?

How much money do you have to start your own daycare? What will your fees be? Will you have to hire employees, do you know how to make a budget and stick to it?

Will you have to purchase equipment and supplies before you start your own daycare? Do you have toys and games, cribs, high chairs, diapering supplies, etc…

Do you know what your policies and procedures will be? Parent contracts, handbooks, payment policy, health and illness policy, etc…

Do you know how to handle children that have behavioral problems? Biters, crying, unruly children and how do discipline.

Do you know what to do in case of an emergency? Do you have a first aid kit, will you know when to call an ambulance, do you have an evacuation procedure in place?

Do you know how to handle difficult parents? Sometimes the parents can be more difficult than the children. Do you know what to do in these situations?

These are some examples of what you will need to know before you start your own daycare. If this is all new to you, it might be best if you purchase a daycare business plan in advance to answer all of your questions and to make your daycare business run smoothly.

Source by: Jane Adams
iphone 7 plus

How To Build a Successful Dental Practice

You can go to the best schools and have great dentistry skills, but if you don’t know how to run a business, then you won’t have a successful dental practice.  Building a successful dental practice doesn’t require a huge advertising budget.  You don’t have to have a big billboard ad or run commercials on TV.  In fact, you really don’t have to spend a cent on advertising if you don’t want to. 

So, what’s the secret to building a successful dental practice?  It’s much easier than you think…

Having a thriving, prosperous business is not so much about having great business skills as it is about having superb people skills.  As you may know, many people dread going to the dentist, so if you can create a place where patients feel comfortable, you’re one step closer to being successful. 

You see, patient service (or customer service) is the number one key to a successful dental practice.  How you make your patients feel from the moment they step in your office until the time they leave your office is more important than having the money to advertise your business.  When you treat your patients good, they turn around and recommend you to their friends and family. 

Dr. Tim Collins and Dr. David Landau are a team of San Diego dentists who understand what it means to offer great patient service.  When patients step into their office, they are offered bottled water, coffee, tea, and other refreshments as they wait.  Patients are also made to feel comfortable by providing blankets and pillows if needed.  They even go one step further and offer iPods with a variety of music for patients. 

These are just some of the little things you can do to start creating a relationship with your patients.  Couple that with good communication skills plus a friendly, helpful staff, and you’re on your way to having a very successful dental practice.

Source by: Maria Palma
iphone 7

iOS 10.3.2 update is out for the iPhone, iPad, and iPod Touch – bugfixes galore!

Apple is rolling out the iOS 10.3.2 update to the iPhone, iPad, and iPod Touch. It should be compatible with all Apple devices capable of running iOS 10, including the iPhone 5 and 5c. However, we have no means of confirming this by now. The best way to see if your device is compatible with the update and install it is to head to the Settings > General > Software Update menu, then tap “Download and Install” if iOS 10.3.2 is available. Another way to go about this is by connecting your iOS device to a computer and using iTunes.

A final (or close to final) …

Can I Major In Investment Banking?

Over the years, because many of my students approach me with questions about careers in Investment Banking, I’ve written down a few stock answers. Here are my notes:

An investment banker is someone who works or is connected with an investment house. Such investment houses or companies are often called investment houses, brokerage houses, underwriters, or simply investment banks. Many investment bankers are employees, but others may function as agents or independent contractors.

Most investment bankers who are sales representatives (stock brokers) are licensed individuals and must pass a background investigation and several exams to obtain the required licenses. Having satisfied the requirements, the candidates become “registered representatives,” and may then buy and sell securities through the organized markets.

The body that supervises both investment banks and registered representatives is the NASD (National Association of Securities Dealers).

Investment banks raise money for the Government, institutions, individuals worldwide, and public corporations by arranging the sale of securities (stocks, bonds, and derivatives) to the public in the primary market. After an initial public offering (IPO), the purchase and sale of securities take place in the secondary markets.

Professional services offered by investment banks:

Lacking the expertise to raise capital on their own or through organized securities markets (NYSE, OTC, Nasdaq, or the American Stock Exchange), the corporation must rely on investment banks. Therefore, they contract these banks so that they can design and negotiate the company’s best strategy and to recommend the sale of either bonds (debt) or stock (equity).

The bank’s resident staff includes a legal department that makes sure all Government regulations are complied with and all the necessary documentation properly gathered and printed. An important aspect of this expertise is the research called “Due Diligence,” which certifies that a checklist of material facts have been scrutinized to protect investors, the bank, and the company that is issuing the securities.

For small corporations seeking finance, the investment banks will require a retainer, which varies from house to house, but usually around $25,000. Since each deal is different and unique, the corporate controller must shop around to get a good idea as to what a reasonable fee may be.

With the deal settled, the investment bank proceeds to get the issue out. Initially they will prepare the Private Placement Memorandum (PPM) which contains a blueprint for marketing the issue.

Mergers and acquisitions (M&A)

Investment bankers also handle mergers and acquisitions and corporate restructurings. This is a very lucrative field for many investment bankers. By bringing together companies and either merging them or acquiring them (and letting them work independently), investment banks foster the growth of successful companies. Some companies achieve growth and earnings through mergers and acquisitions rather than through the operations of their main line of business. Take for example, General Electric. Investors no longer think of GE as a manufacturing electronics company, but as a conglomerate and finance company. Not only do investment banks bring together companies to form a larger company, but they also break them up into smaller companies, spinoffs, or carve-outs. In either case, the banks will make money.

Brokerage and proprietary trading

Proprietary Investing refers to the management of portfolios of high-yield bonds, leveraged loans and other publicly traded securities. The management teams use intense credit research and relative value analysis.  The “prop desk” handles the trades of stocks, bonds, options, commodities, swaps, and other derivatives.

Different strategies are employed for different clients. For example, less aggressive techniques and risk will be employed in the management of pension funds. Likewise, not-for-profit institutions will restrict the trading to safer techniques.

Although investment banks are viewed as businesses which assist other business and institutions in raising money in the capital markets, in fact they also do lots of trading for their own accounts. Part of their daily activities involve: index arbitrage, statistical arbitrage, merger arbitrage, and volatility arbitrage.

Management services and other services

Given their huge pool of skilled and talented employees, they can develop detailed plans for businesses to be successful.

Entire departments and managers specialize in industry sectors such as pharmaceutical, health, wind energy, etc. They develop divisional performance measurement: cost, revenue, profit, and investment and expense centers that determine which method is likely to be the most efficient for each client.

Not only do they design and develop strategies for senior executives to manage the cultures within their organizations, but also they recommend equity compensation instruments (stock options).   

For those corporations that are image-conscious, investment banks offer ‘corporate social responsibility’ programs that can enhance the company’s reputation and goodwill.


Many of my students often ask me, can I start with a commercial bank and then transfer to an investment house? Yes. This happens all the time. But, human resources, and division heads in investment banks tend to look down on applicants with commercial bank experience. The action, they feel, is in investment banks. Another question that comes up: what college majors are preferred for investment banking? The answer is: finance, accounting, and economics. Yet, I’ve met successful investment bankers who majored in liberal arts. In fact, a friend of mine majored in French Literature. The ultimate major that is required is: intelligence, coupled with a flair for numbers, and excellent communication skills.

Source by: marciano guerrero
iphone 7

Resolving Conflicts in Family Business

Conflict is a natural phenomenon in any family business. It can shatter a family into pieces.

Family and business conflicts arise due to difference in opinions between the different family members. In a family, there is more of emotional values, protective bonding and they do not willingly accept changes.  For a Family Business to succeed, change is inevitable.

Conflicts cannot be predicted. A simple conversation between two people can lead to misunderstandings and arguments. The argument can have nothing to do with the topic being discussed, at all. Conflicts in families that are also in  business together are higher then normal families because issues such as money is often based on business.

The family and business conflicts need to be handled differently. When you mix the issues over matters, such as leadership and money, then both relationships suffer a lot.

It is very important to find out the base of any conflict and the way you handle it.

Families that involve themselves in handling the conflict are more likely to succeed in their businesses. Families should build up a family plan which describes how you are going to be in family without your business influence. Businesses should deal with leadership and management plans.

Some of the ways to tackle family business conflicts are:

1.Frequent family meetings to be held to discuss business related issues and settling disagreements.

2.Active involvement in the meetings, have patience, and listen to what the other person has to say.  Remeber, we are born with 2 ears and 1 mouth for a reason.

3.Brainstorming:  Gather the solutions to the problem, accepting the ideas and opinions of each individual.

4.Find the solution that has the highest potential.

Unresolved conflicts are harmful and put both the  family and business at risk.

Families and businesses that managing conflict effectively have higher chances to survive and achieve their goals .

Source by: Martin Federer
iphone 7 plus

Tips To Ensure Quality Translation Work

Running a global business means you need to deal with clients that are located in different parts of the world, speaking different languages within a context of different cultures, laws and business practices.  This is why companies look for professional companies for translation services in Ottawa, New Delhi or New York or any other city , to properly translate their documents into other languages, a key ingredient for global competitiveness.

But often businesses fail to choose the right translation company although this is essential for international business success.  A good translation company will help you in communicating effectively with your international customers and business partners. Serious communications breakdowns or misunderstandings can occur that may permanently impact your foreign business ventures.

Here are some easy tips that any organization can follow in order to select the right translation company for their needs:  

<b>Choose the right company for you subject matter:</b>

Translation projects are often highly specialized and cover texts with complex legal, technical,  medical, commercial or other subject matters. The requirements of each and every project are different, thus you need to choose a translation service that is capable of doing justice to your specific project. Check the references of translation services in Ottawa, Toronto, New York, Paris or any other location to ensure that they have the capability to handle your project’s requirements. Hiring an incompetent company will result in a waste of both time and money.

<b>Provide references and background information:</b>

You will get the best results if you can really make the translation company understand the specific requirements of your translation project. Provide them with reference materials, in-house glossaries or previous translations so they know exactly what your stylistic and terminological expectations are.  Tell them about the context and formatting you are looking for. Suppose you need a translation service for Spanish translation specify which regional variation of Spanish you require.

<b>Agree on a realistic deadline:</b>

Try to work out a realistic deadline for your translation project. Give yourself some extra time to allow you to make some changes if necessary. When arranging the deadline with the translation company it is essential to make sure that both parties agree to the deadline before finalizing the deal. Translation is a complicated job and for quality output, a <a rel=”nofollow” onclick=”javascript:ga(‘send’, ‘pageview’, ‘/outgoing/article_exit_link/1245257’);” href=””>translation service in Ottawa</a>, Tokyo or Madrid needs sufficient time to produce quality results.  

<b>Discus pricing details:</b>

Find out from the company how they will be charging for their project. Get an upfront quote and find out whether the company will abide by the quote or whether there could be some extra unforeseen charges. Inquire into payment options which may include online payment, credit cards, corporate cheques or wire transfers. Determine also whether payment will be required upfront, in portions throughout the project or at the end. Keep in mind that most translation companies do require upfront payment from new customers. Knowing the parameters upfront will prevent potential misunderstandings.

These steps will help you get quality translation work. Always remember that a translation company in Ottawa, Montreal, Toronto or Vancouver represents you and your company, so choose wisely.

Source by: Albert Carter
iphone 7