5.4.01AAA
CurrentMeaning of statutory minimum and statutory period—prescribed amounts
Chapter 5External administration
Part 5.4Winding up in insolvency
5.4.01AAA Meaning of statutory minimum and statutory period—prescribed amounts
(1)
For the purposes of paragraph (a) of the definition of statutory minimum in section 9 of the Act, the amount prescribed is:
(a)
in relation to a company that is eligible for temporary restructuring relief—$20,000; and
(b)
otherwise—$4,000.
(2)
For the purposes of paragraph (a) of the definition of statutory period in section 9 of the Act, the period prescribed is:
(a)
in relation to a company that is eligible for temporary restructuring relief—6 months; and
(b)
otherwise—21 days.
(3)
Paragraphs (1)(a) and (2)(a) do not apply in relation to statutory demands served on or after 1 August 2021.
This Act’s bill:Explanatory statement
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