DEBT RECOVERY, BANKRUPTCY AND INSOLVENCY PROCEEDINGS

Cash is king. Usually, debtors and creditors alike need it and need it now. 

If you owe or are owed money, you need to be aware of recovery options and how to get debts paid.

For unpaid and unsecured debts, recovery options can include:

1.     Commencing court proceedings;

2.     Negotiating a repayment agreement

3.     For debts owed by a company, issuing a statutory demand.

The Queensland Courts can deal with claims for debts owing according to the following limits: 

1.     Debts up to $150,000 – Magistrates Court;

2.     Debts up to $750,000 – District Court;

3.     Debts over $750,000 – Supreme Court.

It may be that the debtor has no means to repay a debt. As they say, there is little point throwing good money after bad if there is little prospect of actual recovery. We undertake a process with you to locate a debtor’s assets and consider the most effective recovery strategy for you.  

Bankruptcy and Insolvency

Of course, any judgment for debt recovery is only worth the paper it is written on until the debt is paid. If your judgment debtor has not paid their debt to you they may be insolvent.

We act on behalf of all parties in bankruptcy and insolvency proceedings and can advise you in relation to your rights under the Bankruptcy Act 1966 and the insolvency provisions of the Corporations Act 2001.