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The consequences of receivership in a debt recovery court trial (05/18/2010)
(...) This will include an estimate of how much (if anything) is expected to be available for preferential creditors and how much (if anything) is expected to be available for unsecured creditors. At the end of the receivership the company may well be put into liquidation and if this happens, the receiver will hand any available funds to the liquidator. If the company is not to be wound up, the receiver relinquishes control and hands control of the company back to the directors, though this does not happen very often. (...)

The court orders the defendant to pay the claimant a certain sum of money (05/16/2010)
(...) This might be done, for example, if the defendant's circumstances change. The defendant must make immediate payment or must exactly comply with the terms of the order. If he fails to do so, even if the failure to comply is marginal, the claimant can take enforcement measures. (...)

A court order to obtain information will not by itself produce payment (05/16/2010)
(...) There are two application forms for an order: Application for order that the debtor attend court for questioning Application for order that an officer of the debtor company attend court for questioning The forms have many similarities. The first is used when the judgment debtor is an individual and the second is used when the judgment debtor is a company. In the latter case a company officer should be named to attend, and it is usual for this to be a director or the company secretary. (...)

The Enterprise Bill deals with many topics (05/16/2010)
(...) These will ensure that bankrupts make an affordable contribution to their debts out of their income. The Crown's preferential right to recover unpaid taxes ahead of ordinary creditors in winding up and bankruptcy will be abolished. It is expected that secondary legislation will ensure that a proportion of the money that would have gone to the Crown will be available for unsecured creditors, rather than it all going to secured creditors. (...)

If you want a divorce you have to pay for predivorce debts (05/12/2010)
(...) By the time of bankruptcy, she faced almost US Dollars 50,000 in short-term unsecured debt on top of her US Dollars 78,000 mortgage. Half of the unsecured debt was credit cards, because, "After a year of struggling to keep up the payments on my own, I took cash advances on some of the credit cards to meet the monthly payments." After two years of robbing Peter to pay Paul, Melanie followed her ex-husband into the bankruptcy court. (...)

Options of a defendant who chooses to defend a debt recovery claim (05/11/2010)
(...) For example, a key phrase might be 'delivery of the goods never took place'. This would leave the defendant to provide supporting details and evidence later. The detailed defence used later should be within the limits of the outline defence stated on the form. (...)

The allocation questionnaire is very important in a debt recovery claim (05/11/2010)
(...) Alternatively the judge may order an allocation hearing, and he may order that the party at fault pay the cost of this. It is expected that the claimant and the defendant will cooperate as necessary to provide information for each other's questionnaires. In reality this may sometimes be an ambitious expectation because the defendant and client are not likely to be on good terms. (...)

The allocation questionnaire is a document accompanied by helpful notes (05/11/2010)
(...) The notes refer to ADR which is alternative dispute resolution. The various possibilities include arbitration, conciliation and informal negotiation. Negotiations can take place at any time, including during the trial itself and during an appeal. (...)

What is a case in the fast track or multi track (05/11/2010)
(...) A listing questionnaire is required for fast tack and multi-track cases and there is a trial fee which is payable when the listing questionnaire is filed. At the time of publication this is British Pounds 200 for a case in the fast track and British Pounds 300 for a case in the multi-track. The fee is payable only by the claimant unless the case is proceeding on a counterclaim alone. (...)

Interest rates debt recovery costs and time limit for issuing a claim (05/09/2010)
(...) It is possible to make a claim after the debt has been paid as well as when it is still outstanding. This is potentially a very powerful weapon indeed. A supplier can go back several years and demand statutory interest. (...)

What to keep in mind when issuing a debt recovery claim (05/09/2010)
(...) It is not necessary to name any or all of the partners. Examples are: Jenkins and Johnson (a firm) Wessex Holiday Services (a firm) It is normal to specify a major place of business if there is one, but the residential address of any partner may be used. A company registered in England and Wales The exact registered name of the company should be entered. (...)

The debt recovery defendant has various legal options (05/09/2010)
(...) If this happens, the claimant has a policy decision to make and may decide not to pursue these amounts. On the other hand, they are payable and the resources of the courts are available to enforce payment. After waiting for the required period the client can request judgment, which will be granted, then set about enforcing the judgment and getting payment. (...)

Start a debt recovery trial if you want your money back (05/08/2010)
(...) ' It may of course be difficult in practice to establish whether the customer does or does not have the means to pay. Credit reference agencies may be a source of good information. Another good indicator may be the Register of County Court Judgments. (...)

Sellers can sue customers and go to trial if these do not respect the contract (05/08/2010)
(...) It is not uncommon to be presented with 'buyer's terms and conditions' and if you sign them you will be bound by the buyer's terms. If neither side signs or agrees the other side's terms, it is probably the case that the last assertion of terms will prevail. It can all get very childish but it is the law. (...)

Negotiating a settlement in a debt recovery process can bring great satisfactions (05/08/2010)
(...) The law about acceptance of without prejudice offers may be summarised as follows: a without prejudice offer may be withdrawn at any time before it is accepted; if a without prejudice offer is accepted, it becomes a contract and is binding on both sides; an oral agreement is usually binding on both sides, but it is sound practice to confirm it in writing. This avoids arguments about exactly what was agreed. The exercise of retention of title rights There may be a clause in your conditions of sale that states that you retain ownership of goods after delivery until payment has been made, and that you may repossess the goods if you have not been paid. (...)

A customer that cannot pay your invoices might also not pay other suppliers (05/08/2010)
(...) The final warning letter You should almost always send an explicitly worded final warning letter before commencing legal proceedings and there are two sound reasons for doing so. The first and most important is that it often works and you could well get payment without resorting to the courts. The second reason is that it is expected, and a judge may be displeased and penalise you on costs if one has not been sent. (...)

A debt recovery case allows you to claim the maximum amount owed to you (05/08/2010)
(...) If you issue a claim, which is by far the most common option taken, you must decide whether to do so in the High Court or in a county court. The limits on the choice are: A claim regulated by the Consumer Credit Act must be issued in a county court. You cannot choose the High Court. (...)

Countries have different disclosure obligations (12/27/2009)
(...) Until recently, this involved placing all relevant data in a physical room, and allowing all interested parties equal access at an agreed time and date. However, technological developments and the increasing number of cross-border mergers and acquisitions have led to the development of virtual data rooms, where the information can be accessed online. These have many advantages if you wish to buy into an Indian company: they can be accessed from your home country, saving time and travel; they provide fast "search" facilities; data is available 24/7; and non-disclosure disputes are minimized. (...)

Legal requirements for family businesses in India (12/27/2009)
(...) The HUF is recognized in Indian Hindu law. All male members of the family, known as "co-parceners," operate the business together under the leadership of the head of the family, known as the Kartha. Legally, the Kartha can commit an HUF company to a joint venture, as its representative, but the company cannot commit to anything without him. (...)

Knowledge of local and state laws (12/27/2009)
(...) Take careful advice- guidelines for and exemptions to EIAs change often. Failure to comply can be extremely costly: several huge mining ventures have been delayed for years because they did not obtain the right consents. Refineries, petrochemical plants, and cement, paper, and dyeing factories need Ministry of Environment approval, and must maintain certain standards on emissions and discharges, and air, water, and soil quality. (...)