Published on 28 May 08
by NEW SOUTH WALES DIVISION, THE TAX INSTITUTE
The Commissioner often uses a creditors statutory demand and winding up proceedings to attempt to collect unpaid taxes from companies. A company must act very quickly if it wants to challenge a statutory demand or defend a winding up proceeding brought by the Commissioner. One option may be to appoint a voluntary administrator. This paper covers:
- statutory Demands - what are they and how to deal with them
- winding Up Applications - what happens and how you can defend one, if at all?
- why company directors should consider appointing a voluntary administrator if faced with winding up proceedings
- applications under section 440A of the Corporations Act to adjourn a winding up application.