What is Form 509H?
Form 509H. (paragraph 459E (2) (e)) Corporations Act 2001. CREDITOR’S STATUTORY DEMAND FOR PAYMENT OF DEBT. To (name and A.C.N. or A.R.B.N. of debtor company) of (address of the company’s registered office)
What is a creditor’s statutory demand?
2.1 A Statutory Demand is a creditor’s formal, written request requiring a company to pay a debt within 21 days of service. 2.2 The requirements for making a Statutory Demand are set out in s459E of the Corporations Act.
What is a statutory demand NSW?
A statutory demand is a demand made to a company by a creditor under Section 459E of the Corporations Act. Be signed by or on behalf of the creditor; Be accompanied by an affidavit that verifies that the debt is due and payable by the company.
What is the minimum amount for a statutory demand?
The minimum amount for a statutory demand debt must be at least £750 or more, as laid out in Section 123 (1) (a) of The Insolvency Act 1986. Once served, it will show the contact details of the person to contact if the debt is to be paid or the person to contact if you dispute the debt in the first instance.
How do you draft a statutory demand?
How to Draft a Statutory Demand – Form 509H
- Pay the amount of the debt; or.
- Secure or compound for the debt; or.
- Request that the issuer withdraw the demand; or.
- Apply to the Federal Court to set the demand aside.
What do you do when you get a statutory demand?
When you receive a statutory demand, you will usually have three options:
- Pay the debt. If you genuinely owe the money, then you will need to pay.
- Apply to the Court.
- Negotiate With the Creditor Directly.
Can you issue a statutory demand against an individual?
You can make a statutory demand to ask for payment of a debt from an individual or company. Anyone who’s owed money (the ‘creditor’) can make a statutory demand. When the individual or company that owes you money (the ‘debtor’) receives a statutory demand, they have 21 days to either: pay the debt.
Does a statutory demand have to be served personally?
A statutory demand must be served in person by either handing it to the individual concerned, or else leaving it at the registered office or with the company director or company secretary. It can only be sent by post if it is not possible for the notice to be delivered in person.
Does a statutory demand have to be personally served?
Any Creditor (company or individual) owed monies can serve a statutory demand on a Debtor. If served by first class post this is deemed served the day after the day after posting. More usually however Statutory Demands are served personally, i.e. they are placed into the hands of the debtor.
How to draft a statutory demand – form 509h?
When you draft a statutory demand – form 509H, you must then clearly identify the amount of the debt. Where you see an asterisk in the Form 509H then you are to keep one and delete the other. The statutory demand form actually says “* Omit if inapplicable”. The debt amount can relate to one debt, or a number of debts.
When to keep or delete a form 509h?
Where you see an asterisk in the Form 509H then you are to keep one and delete the other. The statutory demand form actually says “* Omit if inapplicable”. The debt amount can relate to one debt, or a number of debts. If your demand relates to one debt, keep the first and delete the second.
What does paragraph 459e ( E ) Corporations Act 2001 mean?
(paragraph 459E (2) (e)) Corporations Act 2001 CREDITOR’S STATUTORY DEMAND FOR PAYMENT OF DEBT To (name and A.C.N. or A.R.B.N. of debtor company) of (address of the company’s registered office) 1. The company owes (name) of (address) (“the creditor”) *the amount of $(insert amount), being the amount of the debt described in the Schedule.
When to apply under the Corporations Act 2001?
5. Section 459G of the Corporations Act 2001 provides that a company served with a demand may apply to a court having jurisdiction under the Corporations Act 2001 for an order setting the demand aside. An application must be made within the statutory period after the demand is served and, within the same period: