The COVID-19 outbreak is causing serious financial disruption across the world and has forced the Federal Government in Australia to implement temporary amendments to the creditor’s statutory demand regime.

The two main amendments that creditor’s need to be aware of are:

• The threshold for issuing a creditor’s statutory demand has increased from $2,000 to $20,000; and

• The period for compliance has increased from 21 days to 6 months.

The Federal Government have not indicated how long the new regime will be in place for.

Stat-Demand and SD Debt Recovery operate a debt collection agency specialising in creditor’s statutory demands. We are not a law firm and we do not give legal advice. If you would to speak to a lawyer, please contact us and we will arrange for a lawyer to contact you for an obligation free discussion.