Corporations Act 2001

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.

The demand:

if it relates to a single debt—must specify the debt and its amount; and

if it relates to 2 or more debts—must 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 the statutory period 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.

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 of court.

A person may make a demand under this section relating to a debt even if the debt is owed to the person as assignee.

A demand under this section may relate to a liability under any of the following provisions of the Income Tax Assessment Act 1936:

former section 220AAE, 220AAM or 220AAR;

former section 221F (except subsection 221F(12)), former section 221G (except subsection 221G(4A)) or former section 221P;

former subsection 221YHDC(2);

former subsection 221YHZD(1) or (1A);

former subsection 221YN(1);

section 222AHA;

Subsection (5) is to avoid doubt and is not intended to limit the generality of a reference in this Act to a debt.