The government continues with its reforms to insolvency and bankruptcy rules, with the latest change a higher threshold for statutory demands – taking effect next month.
From July 1, the minimum amount at which creditors can issue a statutory demand to a company for a debt owed increases from A$2000 to $4000.
The change follows the making of Corporations Amendment (Statutory Minimum) Regulations 2021 in May.
The new threshold for statutory demands is the latest in a series of changes over the past year. A number of temporary insolvency relief measures were introduced in March last year as part of the governments COVID-19 response and most, but not all, of those temporary measures ended in January
The minimum amount of debt that…
Read the full article at: https://www.bankingday.com/more-insolvency-changes