what is the differance between insolvancy & bankruptcy?

I think insolvancy is a voluntary agreement with creditors whereas bankrupcy is forced upon you....hopefully someone will come along with more details for you :)

I used to work for an insolvency practice. Insolvency is like going into bankruptcy voluntarily and it involves creditors and administrators who deal with your case and put your belongings up for auction etc and basically try to help you out of the situation.

what is a statuary (?) demand?