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ARTICLE · 05 AUGUST 2008

Statutory Demands In Uncertain Times - A Timely Reminder

Cooper Grace Ward
Cooper Grace Ward
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Creditors are increasingly issuing statutory demands against a debtor company as a means of obtaining payment of outstanding debts of more than $2,000.

AustraliaFinance and Banking
Rocco Russo
Rocco Russo
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Creditors are increasingly issuing statutory demands against a debtor company as a means of obtaining payment of outstanding debts of more than $2,000.

A statutory demand is an effective tool in the armoury of a creditor seeking payment from a company.

There are serious legal consequences for the debtor company if the statutory demand is inadvertently overlooked or ignored.

When a statutory demand is served, the debtor company has 21 days to:

  • pay the amount claimed;
  • secure payment of the debt to the creditor's reasonable satisfaction; or "
  • file and serve an application to set aside the statutory demand. "

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