Leonidas Lawyers | Debt Recovery
15986
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Debt Recovery

Whether you are an individual or a publicly listed company if you are owed money you would like to collect it promptly, effectively and on a commercial basis.

 

We act for individuals, companies and for credit managers who seek to collect debts. We are experienced in collecting Trade Debts, and are able to conduct annual reviews of Credit Account Agreements and associated terms and conditions.

 

As a standard interest is recoverable on all overdue debts, costs are payable on an indemnity basis, and all debts are secured over real property. This ensures that our clients’ are always placed in the best position to recover their debts, with aim of minimising, if not eliminating bad debts.

 

The aim of Leonidas Lawyers for their clients is review all contracts, trade agreements, credit accounts and trading terms and conditions, to place our clients in the best position to avoid lengthy and costly litigation proceedings in the future, and where such proceedings are necessitated to recover all costs on an indemnity basis.

 

Leonidas Lawyers provide prompt and cost effective debt recovery. We have a comprehensive Debt Collection Process as follows:

  • Initial letter of demand, free of charge;
  • Issuing Court Proceedings, if undefended obtaining judgment without any undue delay, if defended ensuring the matter is dealt with quickly to obtain a result sooner than later;
  • Recovering judgment debts through a variety of processes including:
    • Summons for Oral Examination – Examining the Debtor under oath at Court to ascertain their assets and liabilities;
    • Garnishee orders – e.g. order requiring Employer to pay percentage of debt in reduction of judgement debt, or directing a bank to pay money held in Debtor’s bank account to Creditor;
    • Sheriff’s Warrant – to seize and sell Debtor’s property, including real estate.
  • Debts for business lawyers. In certain situations, you can also recover your legal costs related to recovery proceedings.
  • Bankruptcy – We can take the necessary steps to have an individual declared bankrupt by the Courts. A Trustee is then appointed to take control of the insolvent person’s estate in order to turn the assets into cash to distribute equally among creditors (those who do not hold security for payment of the debt, if the creditor has security they may realise the security and if any shortfall, participate in the distribution for the shortfall). Bankruptcy proceedings are handled in either the Federal Court or the Federal Magistrates Court, depending on the complexity. A person remains bankrupt for a period of three years.
  • Liquidation – Application can be made to the Court to ‘wind up’ a Company Debtor and appoint a Liquidator. The Liquidator is responsible to turn the assets into cash and distribute it in the order provided 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. There are various grounds upon which an application to wind up may be made.

Over the years, our commitment to excellence and passion for our clients has been recognized.