Practical Law: Statutory demand thresholds have changed
Recently, there have been a number of temporary and permanent legislative changes to insolvency laws, including in relation to statutory demands. On 1 July 2021, the monetary threshold for issuing a statutory demand permanently increased from $2,000 to $4,000 for most companies (and from 1 August for companies eligible to adopt the new small business restructuring process).
If keeping up to date with these changes is important to you, or if you need a refresher on the issues involved and the steps required to issue a statutory demand or wind up a company (or set aside a statutory demand or oppose a winding up application), check out Practical Law Australia’s complimentary Toolkit, Statutory demand and winding up applications, which directs you to all the information you need to provide the best advice to your clients.
Laura Hawes is Head of Dispute Resolution, Insolvency and Restructuring for Practical Law Australia. She has more than 10 years' experience in litigation and dispute resolution, having developed particular expertise in insolvency and restructuring. Prior to joining Practical Law, Laura held senior positions both in private practice (including at Clayton Utz) and in-house at a major bank. Laura has acted in a broad range of matters including complex commercial and corporations law proceedings, insolvency administrations, property and body corporate disputes, breach of contract claims, shareholder actions and employment disputes.