Recovering debt can be a tricky task with many pitfalls,
such as debtors evading payment or not
having the means to pay.
Difficulties in recovering a debt not only arise in obtaining a judgment but more often,
in enforcing the judgment and recovery of the debt.
Assisting creditors recovering a debt
We have the experience and tools to assist creditors through the court system to facilitate an effective and cost-efficient recovery for debts, big or small.
There are a number of enforcement options available, depending on whether the debtor is an individual or a company and the size of the debt.
Some of these options include:
Warrant to Seizure Property
This enables the Sheriff to seize the personal property of a debtor, although there are restrictions on which goods are able to be seized by the Sheriff.
Summons for Oral Examination
This allows the court to order the debtor to attend their nearest Magistrates Court and report to the court as to their financial situation. This enables the creditor to gain an understanding of the debtor's financial circumstances. If a debtor does not attend a Summons for Examination listed the court may issue a warrant to arrest the debtor.
Attachment of Earnings
This enables the court to make an order whereby the debt will be paid by instalments directly from the debtor’s employer.
The court orders that the debtor must pay the debt in instalments. The debtor is also able to apply for an instalment order which will stop all other enforcement proceedings against them. A default on an instalment order can result in a further summons to the debtor to attend the court or imprisonment of the debtor.
Warrant of Seizure and Sale
This enables the sheriff to sell all of the equity in any real property in the debtor's name.
This is the final option in the recovery of a debt. If all other enforcement actions are unsuccessful then a creditor may apply for a creditor's petition to bankrupt the debtor. If a debtor becomes bankrupt the rights of an unsecured creditor are limited.
Get support from Debt Recovery Specialists.
Our debt recovery team is led by two LIV Accredited Specialists in Commercial Litigation. They are experts in facilitating the recovery of debts.
Consider your future agreements to avoid debt recovery action.
Prevention is always better than cure. If you are thinking of entering into an agreement with someone from which you could suffer damage if the agreement is breached, it would be diligent to get advice and assistance in drawing up the necessary paperwork to give you the required protection.
Speak with our business lawyers about steps you can to avoid having to recover debt from suppliers and customers.