CCH Note:
Part 13 of the
Corporations Act 1989, inserted
by sec 6 of No 110 of 1990, Sch 1 (effective 1 January 1991), begins as
follows:
PART 13 - THE CORPORATIONS LAW
THE CORPORATIONS LAW
82
The Corporations Law is as follows:...
CHAPTER 5 - EXTERNAL ADMINISTRATION
PART 5.4 - WINDING UP IN INSOLVENCY
History
Heading substituted by No 210 of 1992, s 57 (effective 23 June 1993).
CCH Note:
See s 1382-1383.
Division 3 - Application to set aside statutory demand
History
Heading inserted by No 210 of 1992, s 57 (effective 23 June 1993).
CCH Note:
See s 1382-1383.
SECTION 459H
DETERMINATION OF APPLICATION WHERE THERE IS A DISPUTE OR OFFSETTING CLAIM
459H(1)
[Court satisfied of dispute or offsetting claim]
This section applies where, on an application under section
459G, the Court is satisfied of either or both of the following:
(a)
that there is a genuine dispute between the company and the respondent about the existence or amount of a debt to which the demand relates;
(b)
that the company has an offsetting claim.
History
S 459H(1) inserted by No 210 of 1992, s 57 (effective 23 June 1993).
CCH Note:
see s 1382-1383.
459H(2)
[Calculation of substantiated amount]
The Court must calculate the substantiated amount of the demand in accordance with the formula:
Admitted total - Offsetting total
where:
``Admitted total''
means:
(a)
the admitted amount of the debt; or
(b)
the total of the respective admitted amounts of the debts;
as the case requires, to which the demand relates;
``Offsetting total''
means:
(a)
if the Court is satisfied that the company has only one offsetting
claim - the amount of that claim; or
(b)
if the Court is satisfied that the company has 2 or more offsetting
claims - the total of the amounts of those claims; or
(c)
otherwise - a nil amount.
History
S 459H(2) inserted by No 210 of 1992, s 57 (effective 23 June 1993).
CCH Note:
see s 1382-1383.
459H(3)
[Substantiated amount less than statutory minimum]
If the substantiated amount is less than the statutory minimum, the Court must, by order, set aside the demand.
History
S 459H(3) inserted by No 210 of 1992, s 57 (effective 23 June 1993).
CCH Note:
see s 1382-1383.
459H(4)
[Substantiated amount equal to or greater than statutory minimum]
If the substantiated amount is at least as great as the statutory minimum, the Court may make an order:
(a)
varying the demand as specified in the order; and
(b)
declaring the demand to have had effect, as so varied, as from when the demand was served on the company.
History
S 459H(4) inserted by No 210 of 1992, s 57 (effective 23 June 1993).
CCH Note:
see s 1382-1383.
459H(5)
[Definitions]
In this section:
``admitted amount''
, in relation to a debt, means:
(a)
if the Court is satisfied that there is a genuine dispute between the
company and the respondent about the existence of the debt - a nil
amount; or
(b)
if the Court is satisfied that there is a genuine dispute between the
company and the respondent about the amount of the debt - so much of
that amount as the Court is satisfied is not the subject of such a dispute; or
(c)
otherwise - the amount of the debt;
``offsetting claim''
means a genuine claim that the company has against the respondent by
way of counterclaim, set-off or cross-demand (even if it does not arise out of
the same transaction or circumstances as a debt to which the demand relates);
``respondent''
means the person who served the demand on the company.
History
S 459H(5) inserted by No 210 of 1992, s 57 (effective 23 June 1993).
CCH Note:
see s 1382-1383.
459H(6)
[Sec 459J]
This section has effect subject to section
459J.
History
S 459H(6) inserted by No 210 of 1992, s 57 (effective 23 June 1993).
CCH Note:
see s 1382-1383.