From 1 August 2021, the following requirements apply –

 

  • Statutory demands against companies – minimum amount is $4,000, time to respond is 21 days.

 

  • Bankruptcy notices against individuals – minimum amount is $10,000, time to respond is 21 days.

 

A statutory demand or bankruptcy notice must be responded to and opposed in a specific way within the 21 day limit to avoid the legal consequences for the recipient that occur immediately upon expiry of the time limit.

 

Please feel free to contact one of our experienced litigation lawyers if you are a creditor who is owed an amount exceeding the new minimums and considering taking legal action or if you have been served with a statutory demand or bankruptcy notice.