Cashflow is important to any business making a profit. Bad debts can hold your business or you back. Statutory demands are a process of enforcement
in relation to getting monies and obtaining recovery from a company. These particular debts involve amounts larger than $2,000, where there
is no genuine dispute in relation to the amount of money owed.
Upon the failure of a debtor company to make payment within 21 days or to file an application to the Supreme Court to set aside the statutory demand,
you are entitled to make an application to wind-up the debtor company.
The statutory demand is a particularly forceful mechanism in enforcement and is not a mechanism that should be used with haste. Contact Streeterlaw
to obtain advice in relation to your rights, obligations or any alternatives available to you in relation to the recovery of your debt from
the debtor company.
Streeterlaw has extensive experience in working with trustees, administrators, receivers and liquidators and can advise you in relation to security
documentation and priority.
It is vital that we obtain your detailed instructions in relation to the wider context of the debt and prospects of recovery. Contact the Streeterlaw
Commercial Dispute Resolution Team now to obtain a no obligation telephone conversation and arrange a Case Appraisal Conference to discuss
the debt with you.