Australia: New Small Business Insolvency Reforms How Statutory Demands will change from 1 January 2021

Extension of Temporary Statutory Demand Limits
For a company that is "eligible for temporary restructuring relief" pursuant to the Corporations Amendment Act, and potentially up until 31 July 2021:
the statutory minimum amount for service of a statutory demand will remain at $20,000; and
the statutory period to respond to a statutory demand will remain at 6 months.3
Consequential amendments are made to the form for a statutory demand. 
When is a company "eligible for temporary restructuring relief"?
The Corporations Amendment Act and Corporations Amendment Regulations include a concept of a company being "eligible for temporary restructuring relief" in circumstances where that relief has not been sought by the appointment of a small business restructuring practitioner.4

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