Victorian Reports - Authoritative Law Reports Since 1870

RE WALLACE BUILDING SYSTEMS PTY LTD

|Hetyey AsJ

76 VR 422

RE WALLACE BUILDING SYSTEMS PTY LTD Supreme Court of VictoriaHetyey AsJ 26 April, 12 December 2024[2024] VSC 767Companies — Winding up — Insolvency — Statutory demand — Application to set aside demand — Company entered agreement for payment of unpaid amounts — Terms in agreement permitting service of statutory demand on company upon default — Covenant not to apply to set aside demand — Whether possible to waive right to apply to set aside statutory demand — Whether exclusion by contract effective — Corporations Act 2001 (Cth), s 459G.

Section 459G of the Corporations Act 2001 (Cth) (Act) permitted a company to apply to the Court for an order setting aside a statutory demand served on the company. Section 459H allowed the Court to vary the amount of a demand, and in some instances required the Court to set aside the demand, where the Court was satisfied that there was a genuine dispute between the company and the party issuing the demand regarding the existence or amount of a debt to which the demand related, or that the company had an offsetting claim, or both.

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