Document ID: chunk:federal_register_of_legislation:C2011C00610:clause:1_3:p1
Version: federal_register_of_legislation:C2011C00610
Segment Type: clause
Provision Reference: sch 1 cl 3 (pt 1/2)
Character Range: 26787–29732

3                                   (a) the estimate is of the unpaid amount of a liability of a company; and                                                                         the company:                                                                        (a) 14 days after notice of the application was served on the company; or
                                    (b) the Commissioner serves on the company a *statutory demand relating to the company's liability to pay the unpaid amount of the estimate; and  (a) files an affidavit for the purposes of this section; and                        (b) a longer period allowed by the court.
                                    (c) an application is made to a court under section 234, 459P, 462 or 464 of the Corporations Act 2001 for the company to be wound up             (b) serves a copy on the applicant

Example: For the purposes of item 2 of the table, taking a procedural step as a party to proceedings includes entering an appearance, filing a notice of intention to defend, or applying to set aside judgment entered in default of appearance.

Note 1: Section 459C of the Corporations Act 2001 creates a presumption that a company is insolvent, and may be wound up, if the company fails to comply with a statutory demand.

Note 2: See section 268‑90 for what the statutory declaration or affidavit must contain and who must make, swear or affirm it.

Reduction

 (2) The amount of the estimate is reduced if the statutory declaration is to the effect, or the affidavit verifies facts sufficient to prove, that a specified lesser amount is the unpaid amount of the underlying liability.

Example: Subsection (2) will apply if the statutory declaration etc. is to the effect that the underlying liability has been discharged in full (and therefore the unpaid amount of the liability is nil).

 (3) The amount of the reduction is the amount by which the unpaid amount of the estimate (just before the reduction) exceeds the amount specified.

Note: The effect of subsection (3) is to reduce the unpaid amount of the estimate to the amount specified.

Revocation

 (4) The estimate is revoked if the statutory declaration is to the effect, or the affidavit verifies facts sufficient to prove, that the underlying liability never existed.

268‑45  How estimate may be reduced or revoked—rejection of proof of debt

Scope

 (1) This section applies if:
 (a) the Commissioner lodges a proof of debt relating to the unpaid amount of the estimate; and
 (b) section 268‑95 applies to an entity (your supervising entity) in relation to you.

Rejection of proof of debt

 (2) Your supervising entity may give the Commissioner a statutory declaration to the effect that:
 (a) the underlying liability has been discharged in full; or
 (b) the unpaid amount of the underlying liability is a specified, lesser amount; or
 (c) the underlying liability never existed.

Note: See section 268‑90