On 3 May 2021, the Federal Government announced a long- awaited and permanent increase to the statutory minimum threshold for statutory demands issued pursuant to the Corporations Act 2001, from $2,000 to $4,000.
This follows the permanent increase to the minimum for a bankruptcy notice issued under the Bankruptcy Act 1966, from $5,000 to $10,000, from 1 January this year.
The move is said to be designed to assist financially distressed, but viable, businesses post COVID and as a part of the economic recovery plan.
If you have received a statutory demand strict timeframes apply. Contact one of our specialist lawyers who can talk you through the process.
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Cronin Miller Litigation is a Gold Coast based law firm specialising in resolving commercial disputes, and providing effective results for persons who have a claim of a commercial nature.Contact us today