Creditor’s Statutory Demand and Liquidation where the amount of the judgement debt owed by a corporation is $2,000 or more The City of Newcastle can instruct its debt recovery service provider to serve a Creditor’s Statutory Demand. If at the expiry of the Demand, the judgement debt remains unpaid; Council can instruct its debt recovery service provider to make application for the Corporation to be wound up. If the Corporation is then placed into liquidation, the Court will appoint a liquidator to liquidate the assets of the Building Owner to pay creditors.
Creditor’s Statutory Demand and Liquidation. Where the amount of the judgement debt owed by a corporation is $2,000 or more, the Council can instruct its debt recovery service provider to serve a Creditor’s Statutory Demand. If at the expiry of the Demand, the judgement debt remains unpaid then the Council can instruct its debt recovery service provider to make application for the Corporation to be wound up. If the Corporation is then placed into liquidation, the Court will appoint a liquidator to liquidate the assets of the Building Owner to pay creditors.
