Statutory demands how to make them and how to resist them. On austlii, dealings refers to the definition of dealings under the act, which further refers to dealings being a. M74 application for voluntary withdrawal of accredited adviser s accreditation. Corporations act 2001 4972bi asic form 509 17 january 2011 page 2 of 2 continued.
Opposing applications to wind up a company in insolvency. A creditors statutory demand must be in the prescribed form referred to as a form 509h. The provisions referred to above set out the framework for the operation of that procedure. The act is the primary basis of australian corporations law. Creditors can make a statutory demand for payment of a debt under section 459e of the corporations act as long as the debt is due and payable. How to draft a statutory demand form 509h stonegate legal. Creditor s statutory demand for payment of debt form 509h statutory demands. The interaction between section 201a2 of the corporations act 2001 cth requiring a minimum of 3 directors, and the power under a companys. Corporations act 2001 presentation of 497 summary of. The new act contains provisions in terms similar to those in the corporations law. Statement verifying report under s4301, 4752 or 446c2 pdf.
Brisbane, queensland law firm dedicated to providing expert advice on debt recovery, insolvency, bankruptcy laws. Under australian law, the term insolvency is usually used with reference to companies. Form 509h corporations regulations 2001 11 form 509h paragraph 459e 2 e corporations act 2001 creditor s statutory demand for payment of debt to name and a. Companies act 2014, section 608 irish statute book. The law in this area is principally governed by the corporations act 2001. Power of the court to order return of assets which have been improperly transferred. Corporations act 2001 presentation of summary of affairs. Ra01 notification to register, change details of or cease as an agent. L is the amount by which the fair market value of all property received by the new corporation from the predecessor corporations on the amalgamation exceeds the total cost amount under the federal act, as that act applies for the purposes of the ontario act, of the new corporations property immediately after the amalgamation. Notice of failure to execute deed of arrangement pdf form 509g. The corporations act spells out a very clear procedure that must be followed by both the creditor and the company. An act to make provision in relation to corporations and financial products and services, and for other purposes. This is the authors version of a work that was submitted. We appear in court for bankruptcy and insolvency matters in the.
Gleeson ja of the new south wales supreme court held in re golden sands hospitality pty ltd in liq 2017 nswsc 410 that a liquidators application to resign and be replaced was to be determined under sections 473, 473a and 600k of the corporations act 2001 cth corporations act as amended by the reform act, and that these amendments had. About this compilation this compilation this is a compilation of the corporations regulations 2001 that shows the text of the law as amended and in force on 2 july 2017 the compilation date. The most usual means of service would be by posting a copy of the demand to the companys registered office. Australian insolvency law regulates the position of companies which are in financial distress and are unable to pay or provide for all of their debts or other obligations, and matters ancillary to and arising from financial distress. Statutory demands for creditors knowledge clayton utz. If this summary of affairs is sent out to creditors in accordance with subparagraph 4971bi of the corporations act 2001, it must be made up to the latest practicable date before the notices are sent. A creditor s attention is drawn to s109x of the corporations act, s29 of the acts interpretation act 1901cth and s160 of the evidence act 1995cth, which subject to contrary evidence provide for a presumed date of service where service is effected by prepaid post addressed to the company s registered office. Form 509h paragraph 459e 2 e corporations act 2001 creditors statutory demand for payment of debt to name and a.
A statutory demand is a written request for the payment of debts that are owed by an insolvent company, under section 459e of the corporations act 2001 cth this complete guide to statutory demands is one of the most comprehensive free guides to statutory demands in australia this guide will look at how statutory demands work and when its appropriate to use these demands how to. Form 509h paragraph 459e2e corporations act 2001 creditors statutory demand for payment of debt to example company pty ltd a. That section provides that a document may be served on a company by leaving it at, or posting it to, the companys registered office or delivering a document of the. Companies which are served with a statutory demand have 21 days to. Notice of termination of deed of company arrangement pdf form 509h. A creditors failure to follow that procedure will usually result in the court setting aside the statutory demand occasionally accompanied by the award of indemnity costs against the creditor. It deals primarily with companies but also with other entities, such as partnerships and managed investment schemes. The corporations act 2001 cth the corporations act, or ca 2001 is an act of the commonwealth of australia which sets out the laws dealing with business entities in australia at federal and interstate level. By section 9 of the corporations act a statutory demand is defined as meaning so far as relevant a document that is or purports to be a demand served under section 459e.
Creditors statutory demand for payment of debt rtf. To section 509 of the corporations act 2001 dear sirmadam commander communications group of companies in liquidation the companies, the group we now provide our final report to creditors and members pursuant to section 509 of the corporations act 2001 the act which provides an account on the conduct of the winding up. A statutory demand is a demand for payment pursuant to section 459e of the corporations act 2001 cth the corporations act if you are a creditor of a debtor company, and the company is unable to pay its debts when they become due and payable, then you can serve the company with a creditor s statutory demand for. The company owes the deputy commissioner of taxation of 26 franklin street. Corporations act 2001 cth s 459g application to set aside statutory demand manner of service meaning of on the person who served the demand on the company the application before the court in millerview constructions pty ltd v palmer plumbing pty ltd 2008 qsc 005 raised a significant question regarding the appropriate construction of s 459g of the corporations act 2001 cth.
Do you need to know how to draft a statutory demand form 509h. This demand is called a creditors statutory demand and is issued using form 509h. Regarding s 128129 of the corporations act 2001 cth. Form 509h requires that a statutory demand should include an. It includes any commenced amendment affecting the legislation to that date. This consolidation is not an official copy of the law because it is affected by one or more retroactive provisions which have not been incorporated into it. Corporations act 2001 sect 459e creditor may serve. It was the corporations act which was in force at the time the notice was issued. New and revised versions of forms, published on this page from 5 june 2017, have been notified in compliance with section 48 of the acts interpretation act 1954. Form 509h corporations regulations 2001 11 form 509h paragraph 459e 2 e corporations act 2001 creditors statutory demand for payment of debt to name and a. Summons for appearance in relation to registration of transfer of interests doc 20 kb rule 12. The notes at the end of this compilation the endnotes include information about amending laws and the amendment history of provisions of the compiled law. Once you have prepared your statutory demand it must be served in accordance with s109x corporations act.
Any corporate statutory documentation submitted to cipro onbefore 30 april 2011 will be dealt with in terms of the old act. A statutory demand is a demand for payment pursuant to section 459e of the corporations act 2001 cth the corporations act if you are a creditor of a debtor company, and the company is unable to pay its debts when they become due and payable, then you can serve the company with a creditors statutory demand for. Form 509h paragraph 459e2e corporations act 2001 creditor s statutory demand for payment of debt to example company pty ltd a. Service of a statutory demand upon a company may be effect in accordance with s 109x corporations act 2001 cth. Consent to act as designated person doc 23 kb rule 15a.
Creditors statutory demand for payment of debt form 509h statutory demands. Brisbane debt recovery, insolvency, bankruptcy lawyers, solicitors. Insolvency forms approved asic australian securities. King furniture australia v higgs 2011 nswsc 234 at 72 9 corporations regulations 2001, schedule 2, form 509h. Any existing close corporations continue to exist and are governed by the 3rd schedule to the act which encompasses the old close corporations act. Corporations act 2001 sect 459e creditor may serve statutory demand on company 1 a person may serve on a company a demand relating to. Summary of assets and liabilities valuation show whether cost or net book amount estimated realisable values 1 assets not specifically charged a interest in land b sundry debtors. In brief statutory demands under section 459e of the corporations act. Guidelines for applicants winding up insolvent companies in the supreme court of queensland corporations court section 459p corporations act 2001 cth the following procedure is provided as a guide only and does not constitute legal advice. The version number and approval date are provided in the forms heading. Corporations act 2001 sect 459h determination of application where there is a dispute or offsetting claim 1 this section applies where, on an application under section 459g, the court is satisfied of either or both of the following. The winding up process is, quite intentionally, driven by procedure.
1495 181 717 1138 318 1184 1023 1049 536 378 1051 1140 922 73 1208 388 94 555 522 232 333 746 1476 439 48 20 1460 462 117 1547 27 293 1386 1556 421 922 1232 414 773 1280 958 209 841