What are the necessary steps to take when an organisation is served a disputed statutory demand?

When dealing with corporate insolvency, unlike personal insolvency, there is no prescribed process when setting aside a statutory demand. Organisations should also be aware of receiving a winding-up petition which could tarnish, or even ruin even the most acclimated business, especially if it is advertised.

The winding-up process is when an organisation must sell all the assets of a business, in order to pay their debts to creditors, followed by allocating any remaining assets to partners or shareholders and then dissolving the business.