Web3 Aug 2024 · While defects in an SD would not automatically entitle debtors to set the demand aside, defects that result in injustice to the debtors may allow the SD to be set aside. On the other hand, when considering applying to set aside an SD, a debtor should seek proper legal advice, in particular when the proposed ground is overstatement of the … WebA statutory demand is a formal demand for payment of a debt made by a creditor of a company under section 459E of the Act. The debt in a statutory demand has to total more than the statutory minimum of $4,000 and the debtor company has 21-days from the date of service to either comply with the demand or commence court proceedings to set it aside.
Pacific Rim Constructors—Singapore Pte Limited v Huala Hire ...
WebA statutory demand can be used to support such petitions because non-payment of a statutory demand within 21 days may be deemed evidence of the debtor's inability to pay … Web12 May 2024 · 3. Applications to set aside a statutory demand. Applications to set aside statutory demands are dealt with at sections 156 and 157 of the Act and Insolvency rule … ios ringtone techno
Service of Statutory Demands and Creditor’s Bankruptcy …
Web10 Apr 2024 · Under s 312(a), 21 days must elapse without the debtor complying with the statutory demand or applying to set it aside before the presumption of inability to pay the debt arises. This is an essential safeguard: even in the exceptional case of an expedited bankruptcy application under s 314 IRDA, the bankruptcy order cannot be made until the … Web1 Apr 2024 · The debtor does not apply to the court to set aside the statutory demand within 14 days after the date of service of the statutory demand (or 21 days if it was served … Web17 Jun 2024 · A creditor has served a statutory demand on the company for a sum of S$15,000 or above, and the company fails to pay the sum, or to secure or compound it to … ios revision history