Federal Register of Legislation - Australian Government

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Corporations Amendment (Statutory Minimum) Regulations 2021

Authoritative Version
  • - F2021L00660
  • In force - Latest Version
Regulations as made
This instrument amends the Corporations Regulations 2001 to increase the permanent minimum statutory threshold at which creditors of a company can issue a statutory demand for the purposes of the Corporations Act 2001.
Administered by: Treasury
Exempt from sunsetting by the Legislation (Exemptions and Other Matters) Regulation 2015 s12 item 18
Registered 28 May 2021
Tabling HistoryDate
Tabled HR01-Jun-2021
Tabled Senate15-Jun-2021
To be repealed 25 Aug 2021
Repealed by Division 1 of Part 3 of Chapter 3 of the Legislation Act 2003
Table of contents.

Commonwealth Coat of Arms of Australia

 

Corporations Amendment (Statutory Minimum) Regulations 2021

I, General the Honourable David Hurley AC DSC (Retd), Governor-General of the Commonwealth of Australia, acting with the advice of the Federal Executive Council, make the following regulations.

Dated 27 May 2021

David Hurley

Governor-General

By His Excellency’s Command

Michael Sukkar

Assistant Treasurer, Minister for Housing and Minister for Homelessness, Social and Community Housing

 

 

 

  

  


Contents

1............ Name............................................................................................................................. 1

2............ Commencement............................................................................................................. 1

3............ Authority....................................................................................................................... 1

4............ Schedules...................................................................................................................... 1

Schedule 1—Amendments                                                                                                                          2

Corporations Regulations 2001                                                                                                         2

 


1  Name

                   This instrument is the Corporations Amendment (Statutory Minimum) Regulations 2021.

2  Commencement

             (1)  Each provision of this instrument specified in column 1 of the table commences, or is taken to have commenced, in accordance with column 2 of the table. Any other statement in column 2 has effect according to its terms.

 

Commencement information

Column 1

Column 2

Column 3

Provisions

Commencement

Date/Details

1.  Sections 1 to 4 and anything in this instrument not elsewhere covered by this table

The day after this instrument is registered.

29 May 2021

2.  Schedule 1

The later of:

(a) the day after this instrument is registered; and

(b) 1 July 2021.

1 July 2021

(paragraph (b) applies)

Note:          This table relates only to the provisions of this instrument as originally made. It will not be amended to deal with any later amendments of this instrument.

             (2)  Any information in column 3 of the table is not part of this instrument. Information may be inserted in this column, or information in it may be edited, in any published version of this instrument.

3  Authority

                   This instrument is made under the Corporations Act 2001.

4  Schedules

                   Each instrument that is specified in a Schedule to this instrument is amended or repealed as set out in the applicable items in the Schedule concerned, and any other item in a Schedule to this instrument has effect according to its terms.

Schedule 1Amendments

  

Corporations Regulations 2001

1  Regulation 5.4.01AAA (heading)

Repeal the heading, substitute:

5.4.01AAA  Statutory minimum and statutory period

2  Paragraph 5.4.01AAA(1)(b)

Omit “$2,000”, substitute “$4,000”.

3  Subregulation 5.4.01AAA(3)

Repeal the subregulation, substitute:

             (3)  Paragraphs (1)(a) and (2)(a) do not apply in relation to statutory demands served on or after 1 August 2021.

4  Form 509H of Schedule 2 (note 2)

Omit “For”, substitute “From 1 July 2021, a greater amount of $4,000 is prescribed. However, for”.

5  In the appropriate position in Chapter 10

Insert:

Part 10.45Application provisions relating to the Corporations Amendment (Statutory Minimum) Regulations 2021

  

10.45.01  Application of amendment of paragraph 5.4.01AAA(1)(b)

                   The amendment made by item 2 of Schedule 1 to the Corporations Amendment (Statutory Minimum) Regulations 2021 applies in relation to statutory demands served on or after 1 July 2021.