Thresholds

What is the minimum amount for a statutory demand?

A statutory demand is a notice that creditors can issue to demand payment of a debt or debts.

Minimum amount for a statutory demand: $4,000. This minimum amount was increased on 1 July 2021.

Compliance period: The debtor has 21 days to pay the debt or be deemed insolvent.

Disclaimer

The enclosed information is of necessity a brief overview and it is not intended that readers should rely wholly on the information contained herein. No warranty express or implied is given in respect of the information provided and accordingly no responsibility is taken by Worrells or any member of the firm for any loss resulting from any error or omission contained within this fact sheet.

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