CORPORATIONS – winding up application – affidavit in support – verification that debt still due and payable – a formal affirmation – formal proof not required
Hearing Date: 2 February 2012
Judgment Date: 2 February 2012
Judges: Finn, Gordon, Murphy JJ
20. Consistent with that objective, s 459C(2) provides for a rebuttable presumption of insolvency where a company fails to comply with a statutory demand. That presumption is available in an application under s 459P. If the company does not pay or reach an arrangement with the creditor in relation to a statutory demand and does not move to have the demand set aside within 21 days of service of the demand, the company will bear the burden of proving that it is solvent when the application is heard.
A lawyer's view 