An application for an extension of time to comply with a statutory demand under s 459F(2)(a)(i) of the Corporations Act 2001, where the applicant seeks special leave to appeal to the High Court, is governed by the same principles as a stay of judgment. The exceptional circumstances threshold may be met where the respondent's limited assets create a real risk that the applicant cannot be restored to its former position. The question whether an applicant to set aside a statutory demand must raise all grounds in affidavits filed within the 21-day period under s 459G remains unresolved at the High Court level.
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