Are you owed money that you would like to collect? If so, you can take legal action to recover it with LAWYERS OF PRESTON debt recovery lawyers. In certain situations, you may also recover your legal costs relating to recovery proceedings. If you are pursued for an alleged debt you may be able to successfully defend that allegation.
LAWYERS OF PRESTON can assist you with:
- Preparing a Letter of Demand;
- Preparing a Complaint - used to claim the amount owing;
- Preparing a Notice of Defence – used to to defend a claim contained in a Complaint and must be filed and served within 21 days after the Complaint is served); and
- Entering Judgement against the debtor (when no action is taken within 21 days).
Once Judgement is entered, a number of procedures are available to enforce it.
At Lawyers of Preston our debt recovery lawyers can assist you with:
- Warrants (seizure of goods to sell in order to repay the debt);
- Examination Summons (requiring the debtor to attend Court to display how they will satisfy the Judgement); and
- Garnishees Orders (whereby the Court can order a third party to pay money to a creditor instead of a debtor).
If an individual is declared bankrupt by the Courts, a Trustee is appointed to take control of the insolvent person’s estate in order to turn the assets into cash to distribute equally among unsecured creditors (those who do not hold security for payment of the debt). Secured creditors may commence debt recovery by disposing of the asset securing the loan (e.g. a bank may do this if mortgage payments are not made on a house). Bankruptcy proceedings are handled in either the Federal Court or the Federal Magistrates Court, depending on their complexity.
When a company is declared bankrupt the Court has the power to ‘wind it up’ and appoint a Liquidator, whose responsibility is to turn the assets into cash and distribute it in the order set out in the Corporations Act 2001. The secured creditors and the Liquidator firstly recover their costs, followed by certain entitlements to employees. The balance is distributed among unsecured creditors. Winding up proceedings are handled in either the Supreme Court or the Federal Court.
Lawyers of Preston can assist you by filing an Originating Process. If the Court is satisfied that the company is trading insolvent, it can then appoint a liquidator.