You agree to pay off a percentage of your debt over normally 60 months , by means of affordable repayments. Remaining debt is forgiven when the IVA successfully concludes. Scare tactic or a threat of bankruptcy? Ignore at your peril as you may be made bankrupt.
What is a Statutory Demand? Could an IVA help me? An IVA is a popular alternative to bankruptcy. Get Started Today Give us 15 mins - We'll help get your life back on track. Call us or complete the form to see if you qualify for a debt solution. We use cookies to share information with social media, advertising and analytics partners. By continuing to use our website, you agree to our use of cookies and privacy policy.
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Make and serve a statutory demand, or challenge one. You can be made bankrupt or your company wound up if you ignore a statutory demand. Print entire guide. Ignoring a Statutory Demand has consequences. Know Your Options. Respond Quickly To Demands. What can happen if you ignore a Statutory Demand? If you ignore the Demand, at the end of 21 days your company will be deemed to be insolvent If that occurs, the creditor can then apply to wind up the company An Official Liquidator may be appointed by the Court Your control of the business will be lost The Liquidator may close or sell the Company, its business or assets The liquidator may claims against you including for insolvent trading Your personal assets may be exposed and in jeopardy Personal Guarantees may be called on and again, your personal assets may be at risk.
Do you need help or want to talk? A Statutory Demand allows the debtor company 21 days from the date of the demand to: Pay the debt in full; or File an application in court to have the demand set aside on the basis of a genuine dispute.
If within the 21 days a defence is not filed in court — the company is deemed to be insolvent! A Statutory Demand is one of the most powerful business debt collection tools available to a creditor and is commonly used by the Australian Taxation Office, Workers compensation Insurers and trade suppliers. A creditor that is a company should issue the Statutory Demand under common seal The demand must specify a place in Australia where the debt can be paid If your business has been served with a Statutory Demand or you are concerned about insolvency or liquidation, contact us at The Insolvency Experts today for free advice on business bankruptcy and to discuss potential solutions.
How is a Statutory Demand Served? A Statutory Demand is served by: Leaving it at the registered office of the debtor company Sending it by post to the registered office of the debtor company Delivering a copy of the Statutory Demand personally to the director s who reside in Australia Where a creditor becomes aware that the company no longer occupies the registered address, and the creditor is aware of the new address, they should take the demand to the new address.
A Statutory Demand will only be set aside if: The debt is subject to a genuine dispute The amount owed is less than the statutory minimum There is a defect in the Statutory Demand that would cause substantial injustice if not set aside There is some other reason why it should be set aside A Statutory Demand which has a defect can only be set aside where it causes substantial injustice. It will not be set aside if the Statutory Demand is within the terms of the Act and the defect is only a minor irregularity or misstatement.
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