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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.

No more peak indebtedness in unfair preferences - 3 things you should know

The Full Court of the Federal Court of Australia in Badenoch Integrated Logging Pty Ltd v Bryant, in the matter of Gunns Limited (in liq) (receivers and managers appointed)[2021] FCAFC 64 (Badenoch No. 1) has decided that the peak indebtedness rule, often relied upon by liquidators in calculating the quantum of unfair preference claims in situations where there was a continuing trading relationship between the company in liquidation and the creditor under section 588FA(3) of the Corporations Act 2001 (Cth) (the Act), does not apply.

Corporate Insolvency Reforms. New Year, New Scheme - What you need to know.

As the temporary relief and protection for businesses impacted by COVID-19 comes to an end on 31 December 2020, insolvency experts brace for a potential floodgate of insolvency administrations. Parliament clarifies the new provisions under the Corporations Amendment (Corporate Insolvency Reforms) Bill 2020 (Cth) (Bill) which will commence on 1 January 2021.

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