Are you owed money that you would like to collect?
If so, you can take legal action to recover it with Novus Law Group’s debt recovery lawyers. In certain situations, you can also recover your legal costs related to recovery proceedings.
We are well aware of the costs of debt litigation and can advise you on whether it is commercially viable to proceed to Court.
We have experienced business lawyers who are completely at home with the legal processes involved in debt recovery services. We can help you at any stage of this process of recovering a business or personal debt, whether it is helping you write an effective and legally sound-letter of demand, or pursuing the matter through the Court system.
Our debt recovery lawyers are familiar with the process of enforcing the judgment and can manage the process right through to bankruptcy or company winding up proceedings if need be.
The Court has a range of options available to proceed with collection of your money once judgment has been entered. These include:
- Seizing property, where the debtor’s goods are seized and sold at auction.
- Selling Real Estate
- Examination Summons, where the debtor has to attend a public Court examination to explain their assets and liabilities.
- Garnishee Order, where a percentage of their wages or money from their bank accounts are given to you
Never letting it happen again
One way to protect against bad debt is to review your contracts, trade agreements and terms of trade. We can help you make sure that your terms are clear and your processes solid so you can avoid lengthy and costly litigation proceedings in the future.
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 a security for payment of the debt). Secured creditors may commence debt recovery by disposing of the asset securing the loan (e.g. a bank would 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 the complexity.
When a company is declared insolvent 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. The creditor 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. Novus Law Group 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.
Contact us to find out more or to arrange a consultation with an experienced debt recovery and insolvency lawyer in Penrith and Western Sydney.