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Company fails to set aside creditor’s statutory demand for payment of debt when application filed late

During 2020, the Commonwealth Government introduced restrictions on the issuing of creditor’s statutory demands for payment of debt to debtor companies, increasing the threshold for debts from $2,000 to $20,000 and the time for compliance from 21 days to 6 months.

This phoenix may not rise

Every director of an Australian company will soon be allocated a unique Director Identification Number (DIN) in an effort to stop unscrupulous directors from engaging in “phoenixing” activities. Phoenixing refers to the practice of stripping a company of all its assets, liquidating it, moving the assets to another corporate entity and carrying on business as usual under the guise of the new company. This practice leaves creditors out of pocket and is estimated to cost the Australian economy more than $3 billion per annum.

Draft report on the Regulation of Australian Agriculture

The Productivity Commission has released a draft report on the Regulation of Australian Agriculture.

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