If you are looking for an insolvency lawyer in Sydney or have a concern about statutory demands, Breene & Breene offers expert advice and representation in all matters relating to creditors statutory demands for payment of debt.
What is a statutory demand?
A statutory demand is a method of enforcing a judgment for money or recovering a debt which is due and payable by a company. The demand is a document issued under the Corporations Act and it requires the company on which it is served to pay the debt, secure or compound for the debt or file and serve an application to set aside the statutory demand.
If a company receives a demand and does not comply with it within 21 days, the company is presumed to be insolvent and its failure to comply with the statutory demand can be relied on in an application for a winding up order.
For those wishing to recover a debt by issuing a statutory demand…
Issuing a statutory demand is a relatively simple process but can have very serious consequences. The law relating to the drafting and service of a statutory demand can be quite complex and you need expert advice from an insolvency lawyer before taking this step.
If your statutory demand is drafted incorrectly or issued in the wrong situation, it can be very costly to withdraw the statutory demand. Our solicitors regularly advise and act on behalf of creditors in statutory demand matters and will provide you the right advice tailored to your circumstances.
For those wishing to set aside a statutory demand…
If you have recently been served with a creditors statutory demand for payment of debt or form 509H, you need to take action immediately. If you intend to make an application to set aside a statutory demand, that application must be filed and served on the creditor within 21 days of the statutory demand being served on you. If you don’t comply with the statutory demand within 21 days, your creditor may be able to seek a winding up order against your company.
Our insolvency lawyers regularly advise and act for people who have been served with a statutory demand and want it to be set aside. If you have recently been served with a statutory demand, you should contact our experienced insolvency lawyers as soon as possible to explore whether there are any grounds to set aside the statutory demand, such as a dispute as to the debt or an offsetting claim.
Most importantly…
Breene & Breene is committed to establishing and maintaining long term relationships with our clients. We offer trusted, personal and practical advice at cost effective rates.
Would you like to know more?
If you would like to learn more about what Breene & Breene can do for you, visit our Contact page – our professional staff are waiting to help you with your particular legal questions.
