Statutory Demands and Winding Up in Insolvency
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By: Farid Assaf
STATUTORY DEMANDS AND WINDING UP IN INSOLVENCY is a practical reference text examining the formal requirements for a Statutory Demand under Part 5.4 Division 2 of the Corporations Act, 2001, the legislative history of the statutory demand regime and the various circumstances in which courts will set aside a demand. It also contains a comprehensive treatment of winding up in corporate insolvency. Statutory Demands have in themselves generated an increasing amount of litigation due to either flaws in the preparation of the Demand, which in many cases causes them to fail and be set-aside by the Court. There are various other reasons as to why a court may set-aside a Statutory Demand with is addressed by Farid Assaf in Statutory Demands and Winding Up in Insolvency. The text examines the formal requirements for a Statutory Demand, the legislative history of the statutory demand regime and the various circumstances in which courts will set aside a demand. STATUTORY DEMANDS AND WINDING UP IN INSOLVENCY is the 2nd edition to Farid Assaf's STATUTORY DEMANDS: LAW AND PRACTICE published in 2008. Since the first edition of this book Australian courts have handed down more than 300 cases in relation to statutory demand including 2 High Court of Australia cases. In addition more than 100 cases on winding up and insolvency have been before the courts.
AI Overview
"Statutory Demands and Winding Up in Insolvency" by Farid Assaf is a comprehensive practitioner-focused reference text that provides detailed treatment of all aspects of winding up in insolvency. Here is a comprehensive overview of the book:
Key Themes
Comprehensive Coverage: The book covers all requirements of winding up in insolvency, including establishing insolvency, practical issues related to issuing and setting aside statutory demands, making and opposing winding up applications, and guidance on recent amendments to the Corporations Act.
Statutory Demands: It focuses on statutory demands and the commencement of winding up proceedings, providing detailed discussions on the formal requirements for statutory demands.
Cross-Border Aspects: The book also addresses cross-border aspects of winding up in insolvency and the winding up of Part 5.7 bodies.
Practical Guidance: It includes practical guidance and precedents, making it an essential reference text for legal practitioners.
Plot Summary
The book is structured to provide a thorough understanding of the legal framework surrounding statutory demands and winding up proceedings. It covers the formal requirements for issuing and setting aside statutory demands, the process of making and opposing winding up applications, and the implications of recent legislative changes, such as those introduced by the Corporations Amendment (Corporate Insolvency Reforms) Act, 2020, and temporary amendments made in response to the COVID-19 pandemic.
Critical Reception
The book has received positive reviews for its comprehensive and scholarly approach to the subject matter. It is recognized as an essential reference text for legal practitioners dealing with insolvency and winding up proceedings. Farid Assaf's expertise in corporations and insolvency law, as well as his reputation as a leading author in the field, contribute to the book's credibility and usefulness.
Author Background
Farid Assaf SC is a barrister at Banco Chambers, Sydney, with a diverse national practice emphasizing corporations and insolvency law. He is ranked in Chambers and Partners Australia Directory, Best Lawyers, and Doyle’s Guide. Assaf is also a Fellow of INSOL International and has authored several leading texts in insolvency law.
Availability
The book is available from LexisNexis eStore, providing legal practitioners with a reliable and up-to-date resource for navigating the complexities of statutory demands and winding up in insolvency.