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Are you owed money that you would like to collect?
If so, we can help you take legal action to recover it. In certain situations, you can also recover legal costs related to your recovery proceedings.
Elliot Tuthill can help you with:
- Preparing a Statement of Claim – used to demand payment of the debt within 28 days (after the Statement of Claim is served); and with
- Entering Judgment against the debtor (when no action has been taken within 28 days).
Once Judgment is entered, a number of procedures are available to enforce it. We can help you with Writs (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 Judgment), and Garnishee 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 that person’s estate in order to turn the assets into cash and to then 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 debt (eg, 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 bankrupt the Court has the power to "wind it up" and appoint a liquidator, whose responsibility it is to turn the assets into cash and distribute in the order set out in the Corporations Act. The 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. Elliot Tuthill can help you by filing an originating process. If the Court is satisfied that the company is guilty of insolvent trading, it can then appoint a liquidator.
Should you require our assistance, please contact us.
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