Adamson Bernays Kyle Jones
Family Lawyer in Gold Coast
www.abkj.com.au
Address
Level 3, 3 Short St. Southport. Gold Coast, QLD, 4215.Are you the owner or manager of this company?
What you should know about Adamson Bernays Kyle Jones
What you must do if you receive a Statutory Demand. Winding up in its simplest terms is when a creditor applies to the Court for a liquidator to be appointed to the company to realism its assets to pay creditors any outstanding debts. How do I comply with a Statutory Declaration? There are 3 ways in which a Statutory Demand can be complied with. The beginning and the most known is to pay the amount which is being sought. This will resolve the matter and be a restrict for the creditor to proceed with any winding up Application. The second way to address a Statutory Demand is to require a creditor to stop the Demand setting out a flaw in the Demand or big-hearted notification of the nature of the sincere refute which exists. For a creditor to cease the Demand it is necessary for the creditor to put in writing to the company that the Statutory Demand is withdrawn. The third and more complex way to comply with a Statutory Demand is an Application to the Court to have the Statutory Demand set aside. This Application requires evidence to be placed before the Court which will set out one of the following: The amount in fact owed is less than the statutory minimum. There is a fault in the Demand that would cause substantial injustice if the Demand is not set aside or. There is some other reason why the Demand should be set aside (Be. there is a set off, there is a sincere refute about whether the debt is owed, or another reason). Other imperative information other considerations. Another issue which arises for consideration in relation to the law surrounding Statutory Demands is that relating to insolvent trading by companies and the implication for its directors. If a company is unable to pay its debts as they fall due a director or directors may be originate to insolvent trading claims if it is found that the company, upon going into liquidation, has been trading for some time whilst unable to pay its debts. This could result in the Directors being personally responsible for payment of the company debts. In this case it is probably time, once a Statutory Demand is received, to consider a strategy to either pay the debts and manage the company out of trouble or enter elective administration or a shareholder’s elective liquidation.
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