Watson and Watson can assist you with:

• Preparing a Statement of Claim – used to demand either payment or defence of the matter within 28 days (after the Statement of Claim is served); and with
• Entering Judgment against the debtor (when no action is taken within 28 days).
• Enforcement of Judgments

Once Judgment is entered, a number of procedures are available to enforce it. At Watson and Watson, our debt recovery lawyers can assist 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 Garnishees Orders (whereby the Court can order a third party to pay money to a creditor instead of a debtor).

If these procedures fail to produce a result, and the debtor is a company owing more than $2000, then Watson and Watson can assist you with commencing either bankruptcy proceedings (for individuals) or winding up proceedings (for companies).

Bankruptcy for Individuals

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 (for example, 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 of the case.

What happens when a company is unable to pay its debts? It can either enter administration or voluntary administration, and can ultimately enter liquidation. Select from the links above for more information or contact us right away.

“When experience matters... Choose Watson and Watson Solicitors”