Then you had better hurry up. You have only 18 days from the date of service of the statutory demand to make such an application. You will need to submit to the court the applicationn itself, together with your statement stating when you received the statutory demand, and why youu think it should be set aside, The only grounds upon which the statutory demand can be set aside are that you have a counterclaim which equals or esceeds the amount claimed, you dispute the alleged debt on grounds that are substantial, or that the creditor has security for the whole of the debt.