Factoring Chasing the Debt. Fiona Greer, Associate

Size: px
Start display at page:

Download "Factoring Chasing the Debt. Fiona Greer, Associate"

Transcription

1 Factoring Chasing the Debt Fiona Greer, Associate

2 Recovery Can you pursue the debt? - Element of prescription - Any debt over five years old will have expired

3 How do I recover the debt? Notice of Potential Liability Seven day final demand letter Court action

4 Notice of Potential Liability - Tenements (Scotland) Act If owner sells NPLC will flag up outstanding debt to potential purchaser - Buyer assumes liability for debt if not cleared - Valid for 3 years then re register - Registration fee 60 - Pre-Court option

5 Seven Day Final Demand Letter to owner requesting payment failing which court action Court will want to see steps have been taken to resolve matter without involving them! Could have an effect on any eventual award of expenses Recorded delivery or Sheriff Officers (not a requirement)

6 Court Action Type of Action? Sheriff Court Procedure: How much is the debt outstanding? < SMALL CLAIM < SUMMARY CAUSE > ORDINARY CAUSE

7 Court Action Owner s Response Possible responses from the owner. 1. Does nothing 2. Admits the claim and settles the case 3. Admits the claim and makes a written application about payment (instalment proposal) 4. Admits the claim and attends court to make an application about payment 5. Disputes the claim and attends court for a fight!

8 Decree Granted Whats Next? 1. Charge for Payment 2. Earnings arrestment 3. Inhibition 4. Arrestment 5. Attachment 6. Sequestration

9 Charge for Payment Formal written demand for payment Give period of 14 days to pay debt Charge will list debt, interest, court expenses and sheriff officers expenses

10 Charge for Payment First step of diligence and must be served prior to an earnings arrestment, arrestment or attachment Lets debtor know serious implications of the debt as they will be visited personally by Sheriff Officer Allows officer to investigate potential recovery prospects

11 Arrestment Freezing of funds in the hand of a 3 rd party, quite often a bank, or a tenant! Usually speculative Can be carried out quickly (although a charge for payment must be served first)

12 Bank Arrestment Can prompt debtor into quick arrangement Banks have duty of disclosure Debtor has to release sums arrested within period of 14 weeks Can only arrest funds in excess of

13 Earnings Arrestment Compels employer to deduct a set amount of money from a debtors net salary or wage on each pay day based on table of deductions Protected Minimum Balance Payments can be made directly to creditor Continues until debt is paid or the debtor leaves employment Only one earnings arrestment can be in force at any given time, although an application can be made by way of a conjoined arrestment for a share of the deductions between two or more creditors

14 Inhibition A preventative diligence that stops the sale or completion of sale of heritable property. Previously only available through the Court of Session; can now obtain authority to inhibit through a Sheriff Court decree Lasts for 5 years Arm twisting diligence debtor cannot sell property whilst the inhibition exists Not a quick fix though

15 Attachment Previously only available in domestic situation outside of persons residence, ie. a car in driveway or goods in a garage or outhouse. Does not cover goods subject to hire purchase or rental agreements Most household goods are protected. Attached goods valued at second hand goods sale room value

16 Money Attachment Could be useful when pursuing commercial owners but doesn t apply to residential premises Sheriff Officers can turn up unannounced to premises and attach cash, followed up with a report to Court Creditor then applies to court for money to be released

17 Sequestration Is bankruptcy still a threat? Worth it if person has assets if not, it may be a welcome get out clause Court proceedings have to be raised by solicitor either debtor or creditor can apply

18 Sequestration Court hearing is fixed and debtor requires to attend or be represented Trustee is appointed by court to administer the debtors estate on behalf of all creditors Debt has to be over 3000 Automatic discharge of debtor after 1 year (can be extended)

19 Debtor Protection Other forms of protection available to debtor which may restrict your right to pursue debt:- Debt Arrangement Scheme Protected Trust Deed

20 Any questions? Fiona Greer Tel :

DEBT RECOVERY POLICY

DEBT RECOVERY POLICY DEBT RECOVERY POLICY OBJECTIVE 1.1 The objective of the Debt Recovery Policy is: To ensure that money owed to the Comhairle is collected as soon as possible using efficient, effective and fair debt recovery

More information

Terms and Conditions for your Protected Trust Deed

Terms and Conditions for your Protected Trust Deed Terms and Conditions for your Protected Trust Deed Explanation of Terminology Apparent Insolvency Explanation of Terminology Apparent Insolvency Means you are unable to pay your debts or that at least

More information

How To Manage Factoring In The Elderpark Housing Association

How To Manage Factoring In The Elderpark Housing Association FACTORING INVOICING AND ARREARS PROCEDURES Elderpark Housing Association November 2012 Factoring Invoicing and Arrears Procedures 1. Pre Invoicing Procedures. i) Management Charge and Insurance are specified

More information

Easthall Park Housing Co-operative. Making a difference to our Community. Factoring Policy and Statement of Services

Easthall Park Housing Co-operative. Making a difference to our Community. Factoring Policy and Statement of Services Easthall Park Housing Co-operative Making a difference to our Community Factoring Policy and Statement of Services 2014/2015 Introduction These are the terms and conditions for the provision of factoring

More information

Guide to Debt Collection in Scotland

Guide to Debt Collection in Scotland There are a variety of debt collection procedures available in Scotland many of which are similar to those used elsewhere in the UK. The usual demand letters and statements will be issued but if the debtor

More information

Important information to help you deal with your creditors and debt

Important information to help you deal with your creditors and debt Debt and the Consequences Important information to help you deal with your creditors and debt You can get more copies of this booklet, or copies of other booklets we produce, by phoning the Accountant

More information

Debt Advice and Information Package

Debt Advice and Information Package IMPORTANT Do not ignore this information Debt Advice and Information Package You have been given this booklet because one of the following is happening or is about to happen: Someone that you owe money

More information

Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland)

Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland) Personal Debt Solutions (Dealing With Debt) An Essential Guide by Debt Advisory Services (Scotland) Why you should read this guide Many people living in Scotland, through no fault of their own, are struggling

More information

A Quick Guide to Scottish Debt Recovery

A Quick Guide to Scottish Debt Recovery A Quick Guide to Scottish Debt Recovery Y U I L L & K Y L E In Scotland there are three different types of court action depending on the debt value: As of January 2008: Small claims - debts up to 3,000

More information

Dealing with debt. finding your feet. Advice for you if you are in debt

Dealing with debt. finding your feet. Advice for you if you are in debt Dealing with debt finding your feet Advice for you if you are in debt Help yourself deal with your debt Even though it may seem that there is little you can do to help yourself, in fact there is more than

More information

DEBT ADVICE AND INFORMATION PACKAGE

DEBT ADVICE AND INFORMATION PACKAGE DEBT ADVICE AND INFORMATION PACKAGE IMPORTANT Do not ignore this information You can get more copies of this booklet, or copies of other booklets we produce, by calling us on You can also find them on

More information

Procedures Commonly Used. Letters Before Action. Earnings Arrestment. Attachment. Exceptional Attachment. Auction. Recoverable Expenses

Procedures Commonly Used. Letters Before Action. Earnings Arrestment. Attachment. Exceptional Attachment. Auction. Recoverable Expenses z 2 Profiles 4 The Process Procedures Commonly Used Letters Before Action Telephone Collection/Pre-sue-Status-Trace Enquiry Diligence on the Dependence Arrest/Inhibit 5 Charge Earnings Arrestment Attachment

More information

Guide to the Debt Recovery Process

Guide to the Debt Recovery Process Guide to the Debt Recovery Process How it works, and what we The debt recovery process can seem confusing and daunting. We aim to simplify it as much as we can, and to make clear from the outset what we

More information

Jane Autherson. HB/CTB Overpayments Policy DWP

Jane Autherson. HB/CTB Overpayments Policy DWP Jane Autherson HB/CTB Overpayments Policy DWP Today s s presentation Amendments made to the HB/CTB Overpayments Guide Insolvency and the recovery of overpayments HB/CTB Overpayments Guide Classification

More information

Policy document Date. YourPlace Property Management www.your-place.net. Debt Recovery Policy. Part of the GHA family. Page 0. Debt Recovery Policy

Policy document Date. YourPlace Property Management www.your-place.net. Debt Recovery Policy. Part of the GHA family. Page 0. Debt Recovery Policy YourPlace Property Management www.your-place.net Policy document Date Debt Recovery Policy Page 0 Part of the GHA family Name of Policy Responsible Officer Executive Finance Manager Date approved by YourPlace

More information

Debt advice and information package

Debt advice and information package Debt advice and information package IMPORTANT Do not ignore this information You can get more copies of this booklet, or copies of other booklets we produce, by calling us on 0300 200 2600 You can also

More information

FIFE COUNCIL INTEGRATED INCOME COLLECTION AND DEBT RECOVERY POLICY

FIFE COUNCIL INTEGRATED INCOME COLLECTION AND DEBT RECOVERY POLICY Appendix A FIFE COUNCIL INTEGRATED INCOME COLLECTION AND DEBT RECOVERY POLICY INTRODUCTION 1.1 This document details the Council s policies on the billing, collection and recovery of monies due to the

More information

APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND

APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND APPENDIX B A CREDITORS GUIDE TO ADMINISTRATORS REMUNERATION SCOTLAND This guide applies to all appointments on or after 6 April 2006. Any creditor requiring guidance on a case where the Insolvency Practitioner

More information

What is insolvency? SECTION. SECTION 8: page 1 of 8. Available on on www.nationwideeducation.co.uk Independent of of Nationwide.

What is insolvency? SECTION. SECTION 8: page 1 of 8. Available on on www.nationwideeducation.co.uk Independent of of Nationwide. SECTION Insolvency procedures in England and Wales in Scotland in Northern Ireland Available on on Independent of of Nationwide products products and and services services What is insolvency? Insolvency

More information

Housing Benefit and Council Tax Benefit overpayments guide

Housing Benefit and Council Tax Benefit overpayments guide Housing Benefit and Council Tax Benefit overpayments guide The Housing Benefit and Council Tax Benefit overpayments guide has been archived. The new Housing Benefit overpayments guide is at: https://www.gov.uk/government/publications/housing-benefit-overpayments-guide

More information

Debt and the consequences Important information to help you deal with your creditors and debt

Debt and the consequences Important information to help you deal with your creditors and debt Debt and the consequences Important information to help you deal with your creditors and debt The contents of this publication are accurate as at November 2012. Any subsequent amendments will be incorporated

More information

A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES

A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES A CREDITORS GUIDE TO INSOLVENCY PRACTITIONERS FEES This document contains two (2) sections SECTION A Individual Voluntary Arrangements (IVA s) SECTION B Scottish Protected Trust Deed s (PTD s) SECTION

More information

Bankruptcy and Business Reorganization Basics for Small Business

Bankruptcy and Business Reorganization Basics for Small Business Bankruptcy and Business Reorganization Basics for Small Business The Legal Aid Society Community Development Project The information in this document is provided for informational purposes only and does

More information

Form 2. Statutory Demand for Payment of Debt. Bankruptcy (Scotland) Act 1985 (as amended) Section 7(1)(d)

Form 2. Statutory Demand for Payment of Debt. Bankruptcy (Scotland) Act 1985 (as amended) Section 7(1)(d) Form 2 Statutory Demand for Payment of Debt Bankruptcy (Scotland) Act 1985 (as amended) Section 7(1)(d) Warning to person Receiving Demand If you do nothing in response to this demand, you could be made

More information

LOCAL BANKRUPTCY FORM 2016-2(a) IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA

LOCAL BANKRUPTCY FORM 2016-2(a) IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA LOCAL BANKRUPTCY FORM 2016-2(a) IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA IN RE: : CHAPTER 13 : : CASE NO. - -bk- : : Debtor(s) : RIGHTS AND RESPONSIBILITIES AGREEMENT

More information

QUESTIONS AND ANSWERS FOR THE NOTES FOR GUIDANCE

QUESTIONS AND ANSWERS FOR THE NOTES FOR GUIDANCE UESTIONS ND NSWERS FOR THE NOTES FOR GUIDNCE GENCY CSES dministration Does the gent need IB confirmation to hold the Statutory Meeting or to dispense with holding one? No. But, a meeting should only be

More information

Business Debtline www.businessdebtline.org 0800 0838 018 BANKRUPTCY

Business Debtline www.businessdebtline.org 0800 0838 018 BANKRUPTCY BUSINESS DEBTLINE Business Debtline www.businessdebtline.org 0800 0838 018 BANKRUPTCY FACT SHEET NO. 10 NORTHERN IRELAND What is bankruptcy? Bankruptcy is a way of dealing with debts that you cannot pay.

More information

THE DEBT ARRANGEMENT SCHEME (DAS) DEBTOR INFORMATION BOOKLET. on a positive note. Debt Arrangement Scheme

THE DEBT ARRANGEMENT SCHEME (DAS) DEBTOR INFORMATION BOOKLET. on a positive note. Debt Arrangement Scheme THE DEBT ARRANGEMENT SCHEME (DAS) DEBTOR INFORMATION BOOKLET on a positive note Debt Arrangement Scheme This booklet provides general information on the Debt Arrangement Scheme (DAS) and is not intended

More information

DCPM PROCEDURE DEBT RECOVERY. The Dunedin Canmore Group supports equal opportunities for all: Insert hyperlink to Equality and Diversity Policy

DCPM PROCEDURE DEBT RECOVERY. The Dunedin Canmore Group supports equal opportunities for all: Insert hyperlink to Equality and Diversity Policy DCPM PROCEDURE DEBT RECOVERY The Dunedin Canmore Group supports equal opportunities for all: Insert hyperlink to Equality and Diversity Policy MONITORING FORM Department DCPM Departmental Director Susan

More information

The Accountant in Bankruptcy. Notes for Guidance of Trustees under Protected Trust Deeds

The Accountant in Bankruptcy. Notes for Guidance of Trustees under Protected Trust Deeds The Accountant in Bankruptcy Notes for Guidance of Trustees under Protected Trust Deeds This Guidance describes the general functions of The Accountant in Bankruptcy and trustees in relation to their responsibilities

More information

South Lanarkshire Council Debt Recovery Policy

South Lanarkshire Council Debt Recovery Policy South Lanarkshire Council Debt Recovery Policy If you need this information in another language or format, please contact us to see how we can best meet your needs. Phone 0303 123 1015 or email equalities@southlanarkshire.gov.uk

More information

Debt and the consequences Important information to help you deal with your creditors and debt

Debt and the consequences Important information to help you deal with your creditors and debt Debt and the consequences Important information to help you deal with your creditors and debt The contents of this publication are accurate as at 1 April 2015. Any subsequent amendments will be incorporated

More information

Briefing Note: Enforcement of a Judgment

Briefing Note: Enforcement of a Judgment An Introduction to the Briefing Note Obtaining an award of damages and/or costs may only be the first step in getting what you are entitled to. Where the party ordered to pay damages and/or costs (the

More information

Debt Recovery Scheme. a helping hand. www.salaw.com

Debt Recovery Scheme. a helping hand. www.salaw.com Debt Recovery Scheme a helping hand www.salaw.com www.salaw.com 2 We understand that chasing debtors can be complicated, frustrating and time-consuming We recognise the importance of credit control and

More information

Debt Recovery Pricing Structure April 2013. Debtors Residing in Scotland

Debt Recovery Pricing Structure April 2013. Debtors Residing in Scotland Debt Recovery Pricing Structure April 2013 Debtors Residing in Scotland Letters before Action Standard letter before action (LBA): 2.00 (+VAT) Business to business (Late Payment of Commercial Debts (Interest)

More information

Debt Recovery Guidance Page 1 of 5

Debt Recovery Guidance Page 1 of 5 Page 1 of 5 The guidance provided does not cover Insolvency Law but further details can be provided on request. Legal proceedings cannot be commenced until this deadline has passed. ROLE OF THE COURTS

More information

FACTORING POLICY. Contents

FACTORING POLICY. Contents FACTORING POLICY Policy prepared by Finance Officer Initial Review by Committee 29 November 2012 Consultation Period 29/12/12 31/1/13 Final Approval by Management Committee 31 January 2013 Date of next

More information

Expert advice. Practical solutions. Personal service. 1

Expert advice. Practical solutions. Personal service. 1 Debt recovery talk In these uncertain economic times, it is very important that businesses make sure that their credit control is properly organised and enforced. Failure to do this will result in substantial

More information

Legal debt recovery : a one day professional meeting from IRRV Scotland

Legal debt recovery : a one day professional meeting from IRRV Scotland Legal debt recovery : a one day professional meeting from IRRV Scotland * INCLUDES FREE PLACES SPECIAL OFFER * Thursday 23 rd June 2016 The Leapark Hotel, Grangemouth Valid for IRRV CPD Points Legal debt

More information

DECLARATION OF INTENTION TO PRESENT A DEBTOR S PETITION SUSPENSION OF CREDITOR ENFORCEMENT Bankruptcy Act 1966 Section 54A

DECLARATION OF INTENTION TO PRESENT A DEBTOR S PETITION SUSPENSION OF CREDITOR ENFORCEMENT Bankruptcy Act 1966 Section 54A DECLARATION OF INTENTION TO PRESENT A DEBTOR S PETITION SUSPENSION OF CREDITOR ENFORCEMENT Bankruptcy Act 1966 Section 54A Privacy The information you are required to provide on this form is collected

More information

Money Matters: What you need to know about debt. What is debt?

Money Matters: What you need to know about debt. What is debt? What is debt? Debt is a sum of money owed to another person or organization. A debt can be in the form of a: Bank loan Rent arrears Utility bill debts Over draft with bank account Failure to pay council

More information

POLICY. Subject: Debt Recovery Property and Estate Management (Factoring) Policy. Committee: Repairs and Maintenance Page: Page 1 of 8

POLICY. Subject: Debt Recovery Property and Estate Management (Factoring) Policy. Committee: Repairs and Maintenance Page: Page 1 of 8 POLICY Subject: Debt Recovery Property and Estate Management (Factoring) Policy Committee: Repairs and Maintenance Page: Page 1 of 8 POLICY OUTLINE The Debt Recovery Property and Estate Management (Factoring)

More information

Frequently Asked Questions. for. Chapter 7 Debtors

Frequently Asked Questions. for. Chapter 7 Debtors Frequently Asked Questions for Chapter 7 Debtors The information contained in this document is provided as a service to our clients, and does not constitute legal advice. We try to provide quality information,

More information

STATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND)

STATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND) STATEMENT OF INSOLVENCY PRACTICE 3.3 (SCOTLAND) TRUST DEEDS INTRODUCTION 1. A Trust Deed is a voluntary deed granted by a debtor whereby the debtor conveys all or part of his estate to a named Trustee

More information

Debt Arrangement Scheme Guidance for creditors

Debt Arrangement Scheme Guidance for creditors Debt Arrangement Scheme Guidance for creditors Foreword Most people want to pay what they are due, but some can only do so if they are given more time. A modern system of court enforcement protects debtors

More information

Understanding our Legal Process. How to get the most out of your Invoice Finance facility

Understanding our Legal Process. How to get the most out of your Invoice Finance facility Understanding our Legal Process How to get the most out of your Invoice Finance facility Contents 1. Key Aims Page 3 2. Dispute Resolution Team Page 4 3. Key Stages in Dispute Resolution Pages 5-7 4. Costs

More information

the debtor had been pressured into taking out PPI; it had not been made clear that PPI was optional;

the debtor had been pressured into taking out PPI; it had not been made clear that PPI was optional; Guidance Note on Payment Protection Insurance Mis-Selling Claims in Trust Deeds & Sequestrations 1. Background 1.1 Payment protection insurance ( PPI ) is intended to cover a borrower s unexpected loss

More information

How To File A Trust Deed In The United States

How To File A Trust Deed In The United States 5 THINGS EVERY LAWYER SHOULD KNOW ABOUT BANKRUPTCY Laura A. Deeter, Esq. Five Things 1. What do the different BK chapters mean? 2. Do I need to file a Proof of Claim? 3. What does the BK Trustee do? 4.

More information

A Guide on Employee s Rights in Bankruptcy, Winding-up and Receivership

A Guide on Employee s Rights in Bankruptcy, Winding-up and Receivership A Guide on Employee s Rights in Bankruptcy, Winding-up and Receivership Labour Department 09/2014 Foreword When an employer becomes insolvent, employees who are owed wages, wages in lieu of notice, pay

More information

Your Options. A simple guide to available debt options

Your Options. A simple guide to available debt options Your Options A simple guide to available debt options Contents Welcome 3 Our Customer Service Charter 3 Protected Trust Deeds 4 Debt Arrangement Scheme 6 Sequestration 8 Debt Management Plan 10 Minimal

More information

Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED]

Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED] Bankruptcy and Debt Advice (Scotland) Bill [AS PASSED] CONTENTS Section Advice and education 1 Sequestration of estate of living debtor: money advice 2 Financial education for debtor Payments by debtor

More information

Section 1. INTRODUCTION Page 1. Section 2. ISSUING ACCOUNTS Page 2. Section 3. INTERNAL DEBT Page 5. Section 4. FOLLOW UP PROCEDURE Page 7

Section 1. INTRODUCTION Page 1. Section 2. ISSUING ACCOUNTS Page 2. Section 3. INTERNAL DEBT Page 5. Section 4. FOLLOW UP PROCEDURE Page 7 THE MORAY COUNCIL SUNDRY DEBT MANAGEMENT POLICY CONTENTS Section 1. INTRODUCTION Page 1 Section 2. ISSUING ACCOUNTS Page 2 Section 3. INTERNAL DEBT Page 5 Section 4. FOLLOW UP PROCEDURE Page 7 Section

More information

INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY. SCOTLAND Examination 6 June 2014

INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY. SCOTLAND Examination 6 June 2014 INSOLVENCY PRACTITIONERS ASSOCIATION CERTIFICATE OF PROFICIENCY IN PERSONAL INSOLVENCY SCOTLAND Examination 6 June 2014 INSOLVENCY (3 HOURS) Part A: Part B: Part C: Part D: All questions to be answered

More information

Bridgewater Housing Association Ltd Policy

Bridgewater Housing Association Ltd Policy Bridgewater Housing Association Ltd Policy Approved committee on by 5 August 1998 31 March 1999 26 April 2000 25 September 2002 30 November 2005 17 December 2008 Review Date: 16 December 2011 Ref: Arrears

More information

Bankruptcy and Debt Advice (Scotland) Bill. Claire Orr

Bankruptcy and Debt Advice (Scotland) Bill. Claire Orr Bankruptcy and Debt Advice (Scotland) Bill Claire Orr Background Consultation in spring 2012 Government response autumn 2012 On-going dialogue with stakeholders Bill introduced to Parliament June 2013

More information

Code of practice for recovering domestic water debt

Code of practice for recovering domestic water debt Code of practice for recovering domestic water debt Contents 2 What to do if you can t pay your bill 3 How we can help 5 How to pay 7 What if you don t pay the bill or don t keep to an agreement? 9 What

More information

Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Individual DAS. on a positive note

Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Individual DAS. on a positive note Debt Arrangement Scheme The Debt Arrangement Scheme (DAS) Debtor Information Booklet Individual DAS on a positive note This booklet provides general information on the Debt Arrangement Scheme (DAS) and

More information

Trust Deed Equivalents in Australia, Canada and the U.S.

Trust Deed Equivalents in Australia, Canada and the U.S. Trust Deed Equivalents in Australia, Canada and the U.S. Australia A personal insolvency agreement (PIA) under Part X of the Bankruptcy Act 1966 is a way for a debtor to come to an agreement with their

More information

20/06/2002 NOT EXEMPT REFORM OF DEBT RECOVERY PROCEDURES

20/06/2002 NOT EXEMPT REFORM OF DEBT RECOVERY PROCEDURES STIRLING COUNCIL THIS REPORT RELATES TO ITEM ON THE AGENDA RESOURCES COMMITTEE FINANCE AND INFORMATION SERVICES 20/06/2002 NOT EXEMPT REFORM OF DEBT RECOVERY PROCEDURES 1 PURPOSE 1.1 The purpose of this

More information

2014 No. 172 (C. 13) INSOLVENCY BANKRUPTCY DEBT. The Bankruptcy and Debt Advice (Scotland) Act 2014 (Commencement No. 1 and Saving) Order 2014

2014 No. 172 (C. 13) INSOLVENCY BANKRUPTCY DEBT. The Bankruptcy and Debt Advice (Scotland) Act 2014 (Commencement No. 1 and Saving) Order 2014 S C O T T I S H S T A T U T O R Y I N S T R U M E N T S 2014 No. 172 (C. 13) INSOLVENCY BANKRUPTCY DEBT The Bankruptcy and Debt Advice (Scotland) Act 2014 (Commencement No. 1 and Saving) Order 2014 Made

More information

DEBT RECOVERY. 0800 999 3573 elselaw.co.uk LEGAL SOLUTIONS FOR YOU AND YOUR BUSINESS

DEBT RECOVERY. 0800 999 3573 elselaw.co.uk LEGAL SOLUTIONS FOR YOU AND YOUR BUSINESS Does getting paid for the work you do, on time with the minimum of fuss, sound attractive? 0800 999 3573 elselaw.co.uk LEGAL SOLUTIONS FOR YOU AND YOUR BUSINESS REF: 8220 10/14 SERVICES FOR BUSINESS DEBT

More information

CHAPTER 10 TRUSTEES, EXAMINERS AND CREDITORS COMMITTEES

CHAPTER 10 TRUSTEES, EXAMINERS AND CREDITORS COMMITTEES CHAPTER 10 TRUSTEES, EXAMINERS AND CREDITORS COMMITTEES THE US TRUSTEES PROGRAM A BRIEF HISTORY LESSON: was an experiment in some districts when the Bankruptcy Code first became effective in 1979. is a

More information

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 April 2015. Debt Arrangement Scheme (DAS) Business DAS

IMPORTANT THIS GUIDANCE SHOULD ONLY BE USED FOR PROGRAMMES FROM 1 April 2015. Debt Arrangement Scheme (DAS) Business DAS Debt Arrangement Scheme (DAS) Business DAS Guidance for Insolvency Practitioners acting as Continuing Money Advisers Relevant Legislation The Scottish Parliament approved the Debt Arrangement Scheme (DAS)

More information

Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS. on a positive note

Debt Arrangement Scheme. The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS. on a positive note Debt Arrangement Scheme The Debt Arrangement Scheme (DAS) Debtor Information Booklet Business DAS on a positive note This booklet provides general information on the Debt Arrangement Scheme (DAS) and is

More information

H 7. Factoring Policy. If you require this policy in a different format please ask a member of staff. Date of Approval Oct 12 Review Due Dec 15

H 7. Factoring Policy. If you require this policy in a different format please ask a member of staff. Date of Approval Oct 12 Review Due Dec 15 H 7 Factoring Policy If you require this policy in a different format please ask a member of staff Date of Approval Oct 12 Review Due Dec 15 1.0 The Association s Objective 1.1 Elderpark Housing Association

More information

Revenues' Recovery Policy

Revenues' Recovery Policy Revenues' Recovery Policy Introduction This document sets out Birmingham City Council s policy in relation to the recovery of unpaid council tax. The powers for the recovery are contained within the Council

More information

BUIDHEANN TIGHEADAS LOCH AILLSE AGUS AN EILEIN SGITHEANAICH LTD LOCHALSH AND SKYE HOUSING ASSOCIATION STATEMENT OF FACTORING SERVICES

BUIDHEANN TIGHEADAS LOCH AILLSE AGUS AN EILEIN SGITHEANAICH LTD LOCHALSH AND SKYE HOUSING ASSOCIATION STATEMENT OF FACTORING SERVICES BUIDHEANN TIGHEADAS LOCH AILLSE AGUS AN EILEIN SGITHEANAICH LTD LOCHALSH AND SKYE HOUSING ASSOCIATION STATEMENT OF FACTORING SERVICES 1 Revision 1 24 July 2013 CONTENTS 1. Written Statement of Factoring

More information

What will happen to my Home. Information about your home when bankruptcy occurs.

What will happen to my Home. Information about your home when bankruptcy occurs. What will happen to my Home Information about your home when bankruptcy occurs. This leaflet covers the questions you are most likely to want answered about your home if you are made bankrupt. 1. Will

More information

The Debt Arrangement Scheme (Scotland) Regulations 2004 SSI 2004/468

The Debt Arrangement Scheme (Scotland) Regulations 2004 SSI 2004/468 The Debt Arrangement Scheme (Scotland) Regulations 2004 SSI 2004/468 As amended at 30 June 2007 Amendments The Debt Arrangement Scheme (Scotland) Amendment Regulations 2004 (SSI 2004/470) The Debt Arrangement

More information

IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MISSOURI

IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MISSOURI MOW 2016-1.4 (5/22/07) IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MISSOURI IN RE: ) ) ) Case No. ) ) Debtors. ) RIGHTS AND RESPONSIBILITIES AGREEMENT BETWEEN CHAPTER 13 DEBTORS AND

More information

debt recovery the complete legal solution for your business

debt recovery the complete legal solution for your business debt recovery the complete legal solution for your business Maintaining a good cash flow is vital to ensuring that your business stays ahead of the game. Whether your business suffers from consistent bad

More information

FACTORING SERVICE BLOCKS AND COMMON PARTS

FACTORING SERVICE BLOCKS AND COMMON PARTS FACTORING SERVICE BLOCKS AND COMMON PARTS ABOUT OUR ORGANISATION Atrium Initiatives Atrium Initiatives was formed in 2005. Its parent company is Atrium Homes, a not for profit company. Atrium Initiatives

More information

THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY

THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY OFFICIAL TRUSTEE PRACTICE STATEMENT 4 THE END OF A BANKRUPT'S PERIOD OF BANKRUPTCY Date issued March 2013 Date last updated 2 March 2016 If you have any comments, suggestions or queries about an issue

More information

EFFECTIVE DEBT COLLECTION FOR WINERIES

EFFECTIVE DEBT COLLECTION FOR WINERIES Level 2, 15 Bentham Street Adelaide, South Australia, Australia 5000 T + 61 8 8231 0088 F + 61 8 8231 0355 E reception@gropehamiltonlawyers.com.au www.gropehamiltonlawyers.com.au grope hamilton lawyers

More information

A GUIDE TO THE RECOVERY OF DEBTS OWED TO YOU.

A GUIDE TO THE RECOVERY OF DEBTS OWED TO YOU. A GUIDE TO THE RECOVERY OF DEBTS OWED TO YOU. If you are owed money by a person (including a company) and they are not paying, there are various options available to you. The route that you take will depend

More information

Personal Insolvency Information for Debtors

Personal Insolvency Information for Debtors Personal Insolvency Information for Debtors INSOLVENCY AND TRUSTEE SERVICE AUSTRALIA Contents 1. Your options to deal with unmanageable debt 4 A. Informal arrangements with creditors 4 B. Formal arrangements

More information

Glossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner.

Glossary of terms. Bond Quasi fidelity insurance needed by a person who acts as an insolvency practitioner. Glossary of terms Administration Order a) A Court order placing the company that is, or is likely to become, unable to pay its debts under the control of an administrator following an application by, inter

More information

MANUAL ON THE IMPLEMENTATION OF ASSISTANCE IN TAX COLLECTION

MANUAL ON THE IMPLEMENTATION OF ASSISTANCE IN TAX COLLECTION MANUAL ON THE IMPLEMENTATION OF ASSISTANCE IN TAX COLLECTION MODULE ON A GLOSSARY OF TAX COLLECTION TERMS USED IN THE MANUAL The manual currently consists of the following Modules: General Module: Part

More information

Public Policy. Factoring Debt Recovery Procedure

Public Policy. Factoring Debt Recovery Procedure Property Factors Registered Number: PF000302 Our Commitment Argyll Community Housing Association is committed to provide equal opportunities across all services and to avoid discrimination. This policy

More information

QUESTIONS CONCERNING BANKRUPTCY

QUESTIONS CONCERNING BANKRUPTCY QUESTIONS CONCERNING BANKRUPTCY The Law Office of Paul D. Post, P.A. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The assistance provided to clients may

More information

What Happens If I Cannot Keep Up With My Debt Payments?

What Happens If I Cannot Keep Up With My Debt Payments? What Happens If I Cannot Keep Up With My Debt Payments? Owing money is called being in debt. It can be stressful if you are having trouble keeping up with your bill payments, or you are worried about being

More information

Bankruptcy. a guide for unsecured creditors. Association of Business Recovery Professionals

Bankruptcy. a guide for unsecured creditors. Association of Business Recovery Professionals Bankruptcy a guide for unsecured creditors Association of Business Recovery Professionals Bankruptcy An individual is made bankrupt as a result of a petition presented to the court, usually because he

More information

Australia's Debt Collection Strategy

Australia's Debt Collection Strategy EFFECTIVE DEBT COLLECTION FOR WINERIES An article written by Mark Hamilton for the Australian & New Zealand Grapegrower and Winemaker Magazine. The most effective debt collection strategy is to act now.

More information

FACTORING AGREEMENT ARGYLL COMMUNITY HOUSING ASSOCIATION LIMITED

FACTORING AGREEMENT ARGYLL COMMUNITY HOUSING ASSOCIATION LIMITED ARGYLL COMMUNITY HOUSING ASSOCIATION LIMITED This is a FACTORING AGREEMENT between Argyll Community Housing Association Limited, having our registered office at 63-65 Chalmers Street, Ardrishaig, Argyll,

More information

www.nelincs.gov.uk North East Lincolnshire Council - Corporate Debt Recovery Strategy

www.nelincs.gov.uk North East Lincolnshire Council - Corporate Debt Recovery Strategy Executive Director Business Services Rob Walsh B.A. (Hons) Solicitor www.nelincs.gov.uk North East Lincolnshire Council - Corporate Debt Recovery Strategy Background. As part of Transactional Services

More information

GADSBY WICKS SOLICITORS FUNDING THE CLAIM

GADSBY WICKS SOLICITORS FUNDING THE CLAIM FUNDING THE CLAIM This is an important issue because we know that many people are understandably very worried about incurring legal costs. But there is no need to worry about costs. Because of changes

More information

Guidance for insolvency practitioners and official receivers

Guidance for insolvency practitioners and official receivers Guidance for insolvency practitioners and official receivers An introduction from the Chief Executive Dear Insolvency Practitioner/Official Receiver This guide provides information on how insolvency practitioners

More information

PRE-LEGAL & LEGAL PROCEDURES FOR DEBT RECOVERY (SA)

PRE-LEGAL & LEGAL PROCEDURES FOR DEBT RECOVERY (SA) PRE-LEGAL & LEGAL PROCEDURES FOR DEBT RECOVERY (SA) M A R S H A L L S Solicitors Level 10 111 Gawler Place Adelaide 5000 Telephone: (08) 8213 4000 GPO Box 648 Adelaide 5001 Facsimile: (08) 8213 4099 Email

More information

T: 01483 408780 E: info@setfords.co.uk. T: 01483 408780 E: info@setfords.co.uk W: setfords.co.uk. Setfords Legal Guides. For Business.

T: 01483 408780 E: info@setfords.co.uk. T: 01483 408780 E: info@setfords.co.uk W: setfords.co.uk. Setfords Legal Guides. For Business. Setfords Legal Guides For Business Debt Recovery T: 01483 408780 Debt Recovery We understand that your debts need to be recovered quickly and efficiently. Our experienced team offers advice on the most

More information

How To Run A Factoring Service In Scotland

How To Run A Factoring Service In Scotland Clydebank Housing Association Ltd. Factoring Policy (Registration No. PF000231) Management Committee submission: 26 March 2013 Approved: 26 March 2013 Review date: March 2016 This policy can be made available

More information

2. The purpose of bankruptcy proceedings is to provide an orderly method of distributing the assets of such a person fairly among creditors.

2. The purpose of bankruptcy proceedings is to provide an orderly method of distributing the assets of such a person fairly among creditors. Miles and Dowler, A Guide to Business Law 21st edition Study Aid Chapter summaries Chapter summary ch 17 debt recovery and bankruptcy A. The purpose of bankruptcy proceedings 1. An insolvent person is

More information

2011 No. 141 DEBT. Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into force - - 1st July 2011

2011 No. 141 DEBT. Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into force - - 1st July 2011 SCOTTISH STATUTORY INSTRUMENTS 2011 No. 141 DEBT The Debt Arrangement Scheme (Scotland) Regulations 2011 Made - - - - 17th February 2011 Laid before the Scottish Parliament 22nd February 2011 Coming into

More information

Policy No: F&A 03-15 Approved by Council: June 26, 2013 Resolution: 2013.12.16. The policy should assist in:

Policy No: F&A 03-15 Approved by Council: June 26, 2013 Resolution: 2013.12.16. The policy should assist in: Treasury Department Policy Section: Finance & Accounting Content Updated: Supersedes Policy: Policy No: F&A 03-15 Approved by Council: June 26, 2013 Resolution: 2013.12.16 Pages: 1 of 11 GENERAL ACCOUNTS

More information

Cernach Housing Association Factoring Policy

Cernach Housing Association Factoring Policy 1. INTRODUCTION Housing Association Limited Cernach Housing Association as a landlord and factor accepts the responsibility for providing a range of services for all of the properties under its control.

More information

Council Tax and Benefits Service. Debt Recovery Processes Council Tax and Housing Benefit Overpayments

Council Tax and Benefits Service. Debt Recovery Processes Council Tax and Housing Benefit Overpayments Council Tax and Benefits Service Debt Recovery Processes Council Tax and Housing Benefit Overpayments Version Control Version Revised by Date Description 1 Andi Frangeskou May 2015 Original issue 2 3 1.

More information

BANKRUPTCY. Offermans Parners Turnaround + Solvency Solutions 1

BANKRUPTCY. Offermans Parners Turnaround + Solvency Solutions 1 BANKRUPTCY Offermans Parners Turnaround + Solvency Solutions 1 BANKRUPTCY Bankruptcy is the process of administering the Estate of a person who is unable to pay their debts as and when they fall due (i.e.

More information

How To Run A Factoring Service In Scotland

How To Run A Factoring Service In Scotland FORTH HOUSING ASSOCIATION LIMITED FACTORING POLICY Code: HM08 Approved: Next review: By July 2016 Cross reference: This document can be made available in alternative languages or formats (such as large

More information

Declaring Personal Bankruptcy

Declaring Personal Bankruptcy Declaring Personal Bankruptcy DECLARING PERSONAL BANKRUPTCY A declaration of personal bankruptcy doesn t carry the stigma it once did but it is, nonetheless, an admission that one is no longer able to

More information

Factsheet. Bankruptcy. e y. i c e. Make Every Count. The information and benefit rates in this leaflet are correct at April 2009

Factsheet. Bankruptcy. e y. i c e. Make Every Count. The information and benefit rates in this leaflet are correct at April 2009 M on Factsheet e y E3 A dv i c e Bankruptcy U ni Make Every Count t The information and benefit rates in this leaflet are correct at April 2009 01438 737555 www.hertsdirect.org/benefits Bankruptcy Bankruptcy

More information

INSOLVENCY (BANKRUPTCY & LIQUIDATION) AND CHARGING ORDER POLICY

INSOLVENCY (BANKRUPTCY & LIQUIDATION) AND CHARGING ORDER POLICY EK SERVICES POLICIES AND PROCEDURES INSOLVENCY (BANKRUPTCY & LIQUIDATION) AND CHARGING ORDER POLICY EK Services Insolvency & Charging Order Policy 1 Contents 1. Introduction and purpose of policy document

More information