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CORPORATIONS ACT 2001 No. 50, 2001 - SECT 459E
Creditor may serve statutory demand on company
(1) A person may serve on a company a demand relating to:
- a single debt
that the company owes to the person, that is due and payable and whose amount
is at least the statutory minimum; or
- 2 or more debts that the company owes to the person, that are due and
payable and whose amounts total at least the statutory minimum.
(2) The demand:
- if it relates to a single debtmust specify the
debt and its amount; and
- if it relates to 2 or more debtsmust specify the total of the
amounts of the debts; and
- must require the company to pay the amount of the debt, or the total of
the amounts of the debts, or to secure or compound for that amount or total to
the creditor's reasonable satisfaction, within 21 days after the demand is
served on the company; and
- must be in writing; and
- must be in the prescribed form (if any); and
- must be signed by or on behalf of the creditor.
(3) Unless the debt, or each of the debts, is a judgment debt, the demand must
be accompanied by an affidavit that:
- verifies that the debt, or the
total of the amounts of the debts, is due and payable by the company; and
- complies with the rules.
(4) A person may make a demand under this section relating to a debt even if
the debt is owed to the person as assignee.
(5) A demand under this section may relate to a liability under any of the
following provisions of the Income Tax Assessment Act 1936 :
- section 221F (except subsection 221F(12)), section 221G (except
subsection 221G(4A)) or section 221P;
- subsection 221YHDC(2);
- subsection 221YHZD(1) or (1A);
- subsection 221YN(1);
- section 222AHA;
and any of the provisions of Subdivision 16-B in Schedule 1 to the
Taxation Administration Act 1953 , even if the liability arose before
1 January 1991.
(6) Subsection (5) is to avoid doubt and is not intended to limit the
generality of a reference in this Act to a debt.
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