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Demanding a change : time to act on statutory demands

Anderson, Colin & Brown, Catherine (2012) Demanding a change : time to act on statutory demands. In Corporate Law in Times of Change : Corporate Law Teachers Association (CLTA) Conference 2012, 5-7 February 2012, Bond University, Gold Coast, Australia. (Unpublished)

Abstract

The statutory demand procedure has been a part of our corporate law from its earliest modern formulations and it has been suggested, albeit anecdotally, that under the current regime, it gives rise to more litigation than any other part of the Corporations Act. Despite this there has been a lack of consideration of the underlying policy behind the procedure in both the case law and literature; both of which are largely centred on the technical aspects of the process. The purpose of this article is to examine briefly the process of the statutory demand in the context of the current insolvency law in Australia.

This paper argues that robust analysis of the statutory demand regime is overdue. The paper first sets out to discover if there is a policy justification for the process and to articulate what that may be. Second, it will briefly examine the current legislation and argue that the structure actually encourages litigation which is arguably undesirable in the context of insolvency. In particular we will ask if the current rigid legal regime is appropriate for dealing efficiently with the highly charged atmosphere of contested insolvency. Third, it will examine suggested reforms in this area as to whether they might be a way forward.

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ID Code: 48446
Item Type: Conference Paper
Keywords: Statutory demands, Insolvency
Subjects: Australian and New Zealand Standard Research Classification > LAW AND LEGAL STUDIES (180000) > LAW (180100) > Corporations and Associations Law (180109)
Divisions: Current > QUT Faculties and Divisions > Faculty of Law
Current > Schools > School of Law
Copyright Owner: Copyright 2012 Colin Anderson and Catherine Brown
Deposited On: 06 Feb 2012 08:44
Last Modified: 06 Feb 2012 08:44

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