Commonwealth Consolidated Acts Commonwealth Consolidated Acts(1) This section has effect for the purposes of:
(a) an application under section 234, 459P, 462 or 464 of the Corporations Act 2001 ; or
(b) an application for leave to make an application under section 459P of the Corporations Act 2001 .
(2) The court is not to presume, merely because the company has failed to comply with a statutory demand, that the company is insolvent if:
(a) the demand relates only to a liability in respect of an estimate and the sworn amount of the liability to which the estimate relates is less than the statutory minimum; or
(b) the demand relates only to liabilities in respect of 2 or more estimates and the total of the sworn amounts of the liabilities to which the estimates relate is less than the statutory minimum; or
(c) the demand relates to:
(i) one or more liabilities in respect of one or more estimates; and
(ii) one or more liabilities none of which is a liability in respect of an estimate;
and the total of:
(iii) the sworn amount of the liability to which the estimate relates, or the total of the sworn amounts of the liabilities to which the estimates relate, as the case may be; and
(iv) the amount of the liability, or the total of the liabilities, referred to in subparagraph (ii);
is less than the statutory minimum.
(3) The sworn amount of a liability to which an estimate relates is:
(a) if the company has filed an affidavit that complies with section 222AID and verifies facts sufficient to prove that the liability never existed or has been discharged in full--a nil amount; or
(b) if the company has filed an affidavit that complies with section 222AID and verifies facts sufficient to prove that the unpaid amount of the liability is a specified amount that is less than the unpaid amount of the estimate--the specified amount; or
(c) otherwise--the unpaid amount of the estimate.
(4) Except as provided in subsection (2), the company is not entitled to oppose the application on the ground that:
(a) a liability to which an estimate relates never existed or has been discharged in full; or
(b) the unpaid amount of such a liability is less than the unpaid amount of the estimate.