What is Apparent Insolvency?
Apparent Insolvency means that at least one of your creditors has taken legal action against you and that you are unable to repay your debts. Apparent Insolvency generally means that at least one of these will apply: • Having obtained a decree in respect of a debt to them, one of your creditors has served a Charge for Payment of the debt and you have failed to make payment within the 14 days allowed by the charge; • One of your creditors has served a statutory demand for payment and you have not paid the sum due within the given time period of 21 days.
