Those who have been given the work of debt collection are known to flood people with statutory demands and threaten to force bankruptcy on them if they fail to pay the amount of money that is being demanded. You do not have to agree with their demands. You must know that any statutory demands are always supposed to be accompanied by a legally binding debt. Demand for strategies for debt collection like the statutory demand form is likely to be on the rise in the coming years as the companies that are sinking into financial difficulties keep on rising. Though companies are expected to scrape through recession, they will face hard financial times for a number of years. The bankruptcies will be on the rise until the economy gets stable. Surveys carried out show that late payments are on the rise, same as the bad debts. These tend to accumulate till the companies get to a reasonable level of profits.