The temporary insolvency protections relating to statutory demands, which apply to all companies, ended on 31 December 2020. In the normal course, under section 459E of the Corporations Act, a creditor can issue a statutory demand against a company demanding payment of a debt of at least $2,000 (the Statutory Minimum) that is currently due and payable. The company then has 21 days after being served with the statutory demand to pay the demanded amount, reach an agreement with the creditor about the debt to the creditor’s satisfaction, or to apply to a relevant court to have the statutory demand … Continue reading Insolvency Law – Changes to statutory demands from 1 January 2021- updated 1 July 2021