Coronavirus Economic Response Package Omnibus Bill 2020

On 24 March 2020, the Federal Parliament passed the Coronavirus Economic Response Package Omnibus Bill 2020 (now an “Act”), to, among other things, provide financial relief for individuals and businesses from the economic impacts of Coronavirus or COVID-19. Schedule 12 Part 2 of the Act contains temporary amendments to the provisions in the Corporations Act 2001 (Cth) relating to statutory demands.

Prior to the Act, creditors of a company were entitled to: 

• serve statutory demands in relation to debts equal to or greater than $2,000 (the statutory minimum); and

• file winding up proceedings if the demand was not complied with (or set aside or withdrawn) within 21 days from the date the statutory was served (the statutory compliance period).

Both the statutory minimum and the statutory compliance period have been affected by the Act. For all statutory demands served on or after 25 March 2020 up until 25 September 2020 (unless the application of the amendments is varied by future legislation) the:

• statutory minimum has increased to $20,000; and

• statutory compliance period has extended to 6 months.

The amendments do not apply to statutory demands served before 25 March 2020 even if the 21-day statutory compliance period does not expire until sometime after 25 March 2020.

How Can Agape Henry Crux Help You

Whilst not losing our identity as the forerunner in Immigration Law, to support and assist our clients during this crisis, we are required to evolve to be ready, able, and prepared to serve our clients during this time by expanding our legal services beyond immigration law.

Our firm has created a Special Coronavirus (COVID-19) Taskforce to help our clients battle through and find solutions during this Pandemic. Our team is equipped and trained to advise you on across a wide range of issues you may be encountering in the markets where you operate.