Insolvency & Bankruptcy Law - You are owed money, what should you do?
Date: May 10, 2010
Authors: Pheba Netto LL.B. (Hons)
A creditor is someone who is owed money by and individual more often referred to as a Debtor. As a creditor there are several options available to you to recover the debt that is owed to you. The amount of money or debt owed to you will determine the method by which you are able to recover the money from the Debtor.
The first thing to do would be to attempt to recover the money yourself from the Debtor. If you do not succeed you would then need to seek the assistance of a lawyer to provide you with options as to what you are able to do to recover the debt.
At a legal firm, the lawyers would meet you, listen to you and request that you provide sufficient information and evidence to assist in the recovery process. They would also be in a position to advise you as to what steps they would be taking in your matter to attempt recovery of the debt. It is important that both lawyer and client are clear about the course of action to be taken to ensure that the client’s wishes are carried out and that they receive sound legal advise based on their circumstances.
Therefore once you have provided all relevant information and evidence, the legal firm then advises you of the next step and begins the process to recover the debt on your behalf. You lawyer would then contact the Debtor and or their solicitor and request that the debt be settled. If a settlement is not forthcoming, the lawyers would commence legal proceedings in court to proceed to recover the debt.
In court an action to recover money payable to you would be classified a civil proceedings and it would be commenced in the appropriate court. Cause papers are drafted, filed and served by the lawyers on your behalf and the matter usually concludes after a hearing or once judgment is obtained against the debtor. Copies of Judgments are then served on the Debtors and they are given time to settle the judgment sum.
There are times when the Debtor who has been served with a final judgment may now come forward with a proposal for settlement at this stage. Your lawyers would then advise accordingly of the terms of the settlement and you can then decide if you want to accept the proposal or pursue further legal action. More often than not the fear of further enforcement proceedings such as Bankruptcy, Execution, Garnishee proceedings, etc which the creditor contemplates often moves the debtor to come forward to settle the matter.
Should the debtor fail to come forward then enforcement or execution proceedings are commenced. Although it may look like another round of proceedings, it is more often than not that debts are paid off through enforcement action.
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Phone LAC Lawyers on NSW 1300 799 888 or VIC 1300 734 638 or send us an email
Am I Being Sued?
Date: March 26, 2010
Author(s): Pheba Netto LL.B. (Hons)
This is the question that one would often ask yourself when you receive a letter from a legal firm. Many people often receive mail, emails, faxes, notifications etc in their mail or by personal service, courier and several other methods notifying them that legal action has commenced or that it is being contemplated. To the ordinary man on the street, this alone can cause a lot of stress and worry and be the root of unnecessary panic and anxiety.
Bankruptcy - Advantages and Disadvantages of Bankruptcy
Date: January 16, 2009
Author(s): LAC Lawyers
Bankruptcy involves you handing over control of your property and finances to a Trustee (the person who takes control over your property) in exchange for protection from legal action by your creditors (the people/companies you owe money to). You do not have to have a minimum amount of debts or property to enter bankruptcy.
Business Law - Personal Guarantees & Indemnity
Date: August 04, 2009
Author(s): LAC Lawyers
If you are a supplier of goods and operate your business on a credit system then it pays to protect your position in relation to your debtors. The following scenario depicts a common occurrence in the supplier/purchaser market leading to frustration and ultimately loss of moneys owning.
Criminal Law - Centrelink Offences - An Overview
Date: May 10, 2010
Author(s): Pheba Netto LL.B. (Hons)
There are various types of Centerlink offences the most common Centrelink Fraud, i.e. engaging in conduct to obtain a financial advantage from a Commonwealth entity knowing and believing that one is not eligible to receive that financial advantage. Most often people deliberately provide Centrelink with false, incomplete or misleading information and break the law.
Debt Recovery - Commencing Legal Proceedings
Date: March 17, 2009
Author(s): LAC Lawyers
Statements of claim, defences, affidavits, plaintiffs, defendants....to the average person these legal terms may be confusing and often times down right intimidating. Unfortunately, these terms are just some of the legal jargon used when someone decides to commence legal proceedings against another person or company. So what does it all mean?
Debt Recovery - Personal Insolvency Agreements
Date: August 04, 2009
Author(s): LAC Lawyers
If you find that you are overwhelmed with debt and cannot pay all those debts as and when they are due but at the same time you do not want to be declared a bankrupt, you may still have the option of entering into a Personal Insolvency Agreement (“PIA”).
Debt Recovery - Take Care With Statutory Demands
Date: July 04, 2009
Author(s): LAC Lawyers
A solicitor attempted to extract an unjustifiable fee from one of his former corporate clients. He served an “ever popular” Creditor’s Statutory Demand on his “client”. The law requires that a corporate debtor must satisfy the demand or lodge an application to the court to set aside the demand within 21 days or the “creditor” may initiate winding up proceedings.
Debt Recovery - The Common Stages
Date: September 24, 2008
Author(s): Adrian Culas LL.B. (Hons.), CLP.
Debt Recovery - The effects of being served with a Creditors Statutory Demand
Date: March 07, 2009
Author(s): LAC Lawyers
A Creditors Statutory Demand is a statutory mechanism under the Corporations Act 2001 allowing a creditor to exercise its right to demand payment from a debtor without the need to commence legal proceedings.
Debt Recovery - To Sue Or Not To Sue
Date: September 03, 2008
Author(s): Adrian Culas LL.B. (Hons.), CLP.
Your regular Customer calls you and request delivery of some goods in store. A delivery order and an invoice for the goods are raised and the goods are promptly delivered the next day to the customer. The delivery order is acknowledged and invoice handed over your customer with a thirty day credit period. Thirty days lapses and the customer failed to make payment. Despite various reminders, the Customer still refuses to pay the outstanding amount. That regular customer has now become a debtor of your company.
Debt Recovery from a Debtor's point of view - Part 1
Date: June 29, 2008
Author(s): LAC Lawyers
In Brief - The Steps Involved in Commencing and Running a Civil Action
Date: March 15, 2010
Author(s): Pheba Netto LL.B. (Hons)
A brief rundown of the steps involved in running a cicil action. For more information fill free to call LAC Lawyers on 1300 799 888. LAC Lawyers = RESULTS
Insolvency & Bankruptcy Law - What is Part IX and Part X under the Bankruptcy Act 1966
Date: May 10, 2010
Author(s): Pheba Netto LL.B. (Hons)
Part IX and Part X agreements under the Bankruptcy Act 1966 enable debtors to present creditors with proposals of settling debts. The payments are less than the amount of the debt itself and are paid in full and final settlement of the entire debt.
The Benefits of Hiring A Lawyer
Date: August 16, 2006
Author(s): LAC Lawyers
The old adage “you get what you pay for” is as true today as it has ever been.
The traps and pitfalls of Debt Recovery by a self represented litigant in the NSW Courts.
Date: March 09, 2008
Author(s): Alexandra Egan B.Ec, LL.B.
A common problem arising from the technological revolution and the deregulation of certain parts of the legal profession by the Government is the false impression given by both that the individual can seek recovery of money on their own through the court system. It seems the independence so highly sought after amongst both Generation X and Y finds individuals trying their hand at the legal process usually to their detriment.
Voluntary Administration
Date: May 04, 2008
Author(s): LAC Lawyers
If a company is having cash flow problems, unable to pay its debts as and when they fall due such as GST, superannuation or creditors then a Director must consider voluntary administration. This enables the company to avoid continuing to incur debts while it is insolvent.
What to expect when you call LAC Lawyers
Date: December 13, 2006
Author(s): LAC Lawyers
LAC Lawyers is a full service firm dedicated to the provision of superior legal services in Australia. Our aim is to provide unrivalled client satisfaction coupled with high quality service and advice. When you call LAC Lawyers our friendly reception staff will spend time with you to identify the area of law your enquiry relates to then pass you on to one of our qualified solicitor's who can help you.
Why stay with your lawyer
Date: August 01, 2006
Author(s): LAC Lawyers
The lawyer/client relationship is a personal one and there are many reasons which will dictate who you can and cannot work with. If you don’t like your lawyer, should you change? Ultimately, the relationship between a lawyer and client must be built on mutual trust.
Am I Being Sued?
Date: March 26, 2010
Author(s): Pheba Netto LL.B. (Hons)
This is the question that one would often ask yourself when you receive a letter from a legal firm. Many people often receive mail, emails, faxes, notifications etc in their mail or by personal service, courier and several other methods notifying them that legal action has commenced or that it is being contemplated. To the ordinary man on the street, this alone can cause a lot of stress and worry and be the root of unnecessary panic and anxiety.
Bankruptcy - Advantages and Disadvantages of Bankruptcy
Date: January 16, 2009
Author(s): LAC Lawyers
Bankruptcy involves you handing over control of your property and finances to a Trustee (the person who takes control over your property) in exchange for protection from legal action by your creditors (the people/companies you owe money to). You do not have to have a minimum amount of debts or property to enter bankruptcy.
Bankruptcy - What happens to our house if my spouse is made bankrupt?
Date: December 01, 2008
Author(s): LAC Lawyers
Consider your options by reading this article or for more information call us today.
Bankruptcy & Insolvency Law - What Can I Do If I Am Declared Bankrupt?
Date: April 29, 2009
Author(s): LAC Lawyers
The global economic crisis has no doubt affected millions of people and businesses world-wide. Australia is not immune and coupled with record high unemployment and talks of recession, it is not surprising that many people cannot pay their debts and the instance of bankruptcy proceedings being commenced by creditors has increased as a result.
Business Law - Personal Guarantees & Indemnity
Date: August 04, 2009
Author(s): LAC Lawyers
If you are a supplier of goods and operate your business on a credit system then it pays to protect your position in relation to your debtors. The following scenario depicts a common occurrence in the supplier/purchaser market leading to frustration and ultimately loss of moneys owning.
Debt Recovery - Personal Insolvency Agreements
Date: August 04, 2009
Author(s): LAC Lawyers
If you find that you are overwhelmed with debt and cannot pay all those debts as and when they are due but at the same time you do not want to be declared a bankrupt, you may still have the option of entering into a Personal Insolvency Agreement (“PIA”).
Debt Recovery - The Common Stages
Date: September 24, 2008
Author(s): Adrian Culas LL.B. (Hons.), CLP.
Family Law - The Competing Issues of Bankruptcy and Family Law
Date: January 13, 2010
Author(s): LAC Lawyers
Family law property settlements or applications for spousal maintenance may be further complicated where one spouse is bankrupt or considering bankruptcy. In these circumstances, a conflict clearly arises between the competing interests of a trustee in bankruptcy and the separated non-bankrupt spouse in determining how property should be distributed between the parties.
In Brief - The Steps Involved in Commencing and Running a Civil Action
Date: March 15, 2010
Author(s): Pheba Netto LL.B. (Hons)
A brief rundown of the steps involved in running a cicil action. For more information fill free to call LAC Lawyers on 1300 799 888. LAC Lawyers = RESULTS
Insolvency & Bankruptcy - Unfair Preference Payments
Date: March 07, 2009
Author(s): LAC Lawyers
You run a successful business supplying quality products to a hungry market. Generally your clients are very good with payment however due to the economic downturn some clients have not been able to pay their invoices on time and you have noted that recently that your company has sent out a few reminder letters prompting payment. The majority of those prompted eventually made payment.
Insolvency & Bankruptcy Law - Asset Protection - Can a house be seized from a spouse in bankruptcy proceedings
Date: November 20, 2007
Author(s): Michael Pickering B.A., LL.B. (Hons.), LL.M., M. A.
Notwithstanding the spectacular growth of the share market and of superannuation funds, the matrimonial house remains the single greatest asset for most people.
Insolvency & Bankruptcy Law - What is Part IX and Part X under the Bankruptcy Act 1966
Date: May 10, 2010
Author(s): Pheba Netto LL.B. (Hons)
Part IX and Part X agreements under the Bankruptcy Act 1966 enable debtors to present creditors with proposals of settling debts. The payments are less than the amount of the debt itself and are paid in full and final settlement of the entire debt.
Insolvent Trading
Date: April 22, 2008
Author(s): LAC Lawyers
Insolvent trading occurs when a company incurs a debt when it is unable to pay its debts as and when they fall due.
Insolvent Trading and Director's Liability
Date: October 12, 2007
Author(s): LAC Lawyers
Directors may be liable, personally, under the Corporations Act, Trade Practices Act, and the OH & S Act, among other legislation. A Director may also be personally liable for non payment of taxes.
Is it the beginning of the end for discretionary trusts and one-man companies - Centrelink, Bankruptcy and Taxation
Date: September 01, 2010
Author(s): Michael Pickering B.A., LL.B. (Hons.), LL.M., M. A.
Another example is Elliott v. The Secretary of the Department of Education, Employment and Workplace Relations decided in 2008 immediately before the High Court of Australia’s decision in Spry and was concerned with the means test for Centrelink pensions.
Reversal Of Effect Of Sons Of Gwalia Decision - Ending Of Equal Ranking Of Shareholder Claims With Claims Of Unsecured Creditors In Corporate Insolvency
Date: July 30, 2010
Author(s): Michael Pickering B.A., LL.B. (Hons.), LL.M., M. A.
The Corporations Act will be amended so as to reverse the decision of the High Court of Australia in Sons of Gwalia v. Margaretic. The Sons of Gwalia decision determined that, in a corporate insolvency, certain shareholder claims against a company rank equally with the claims of other unsecured creditors.
The Benefits of Hiring A Lawyer
Date: August 16, 2006
Author(s): LAC Lawyers
The old adage “you get what you pay for” is as true today as it has ever been.
Voluntary Administration
Date: May 04, 2008
Author(s): LAC Lawyers
If a company is having cash flow problems, unable to pay its debts as and when they fall due such as GST, superannuation or creditors then a Director must consider voluntary administration. This enables the company to avoid continuing to incur debts while it is insolvent.
What to expect when you call LAC Lawyers
Date: December 13, 2006
Author(s): LAC Lawyers
LAC Lawyers is a full service firm dedicated to the provision of superior legal services in Australia. Our aim is to provide unrivalled client satisfaction coupled with high quality service and advice. When you call LAC Lawyers our friendly reception staff will spend time with you to identify the area of law your enquiry relates to then pass you on to one of our qualified solicitor's who can help you.
Why stay with your lawyer
Date: August 01, 2006
Author(s): LAC Lawyers
The lawyer/client relationship is a personal one and there are many reasons which will dictate who you can and cannot work with. If you don’t like your lawyer, should you change? Ultimately, the relationship between a lawyer and client must be built on mutual trust.