Extension of Temporary Statutory Demand Limits
For a company that is eligible for temporary restructuring relief pursuant to the Corporations Amendment Act, and potentially up until 31 July 2021:
the statutory minimum amount for service of a statutory demand will remain at $20,000; and
the statutory period to respond to a statutory demand will remain at 6 months.3
Consequential amendments are made to the form for a statutory demand.
When is a company eligible for temporary restructuring relief ?
The Corporations Amendment Act and Corporations Amendment Regulations include a concept of a company being eligible for temporary restructuring relief in circumstances where that relief has not been sought by the appointment of a small business restructuring practitioner.4