Debt Recovery Service | Enforcement
With a specialist team of debt recovery solicitors in Ireland, once Judgment has been obtained, the next step of the debt recovery process is that Carlisle Solicitors write to the debtor seeking payment and advising that enforcement action may be taken if the debt is not paid within fourteen days. If after fourteen days you are still encountering problems in collecting your debt there are a number of enforcement remedies available to our client to ensure the ultimate receipt of the outstanding debt:
Step 5: Enforcement Options For Recovery Of Your Debt
Sheriff
Each county in Ireland has a Sheriff. It is the Sheriffs job to visit the debtor’s premises and seize and sell goods (excluding tools of trade or essential household items) or collect monies owed to cover the debt together with legal costs and interest accrued. At times there can be delays in the process and in some cases the Sheriff can decided that the debtor has no goods worth seizing or selling.
Registration of Judgment in the High Court
Once judgment has passed it can be registered with the High Court meaning that the judgment will be published to bring it to the public’s attention.
Judgment Mortgage
Once Judgment has been made the you can apply to have a Judgment mortgage registered against any property which the debtor owns. This effectively prohibits the debtor’s ability to deal with the property until the debt has been paid.
Instalment Application
In this instance a debtor can be brought before the District Court to assess their means and ability to pay the debt with a view to the Court making an instalment order requiring the debtor to pay the debt by way of a lump sum or regular instalments. The repayments will begin once the order has been issued by the Court.
If the debtor fails to meet the conditions outlined in the instalment order then you, as the creditor, the debt recovery process allows you to return to Court to seek to have the debtor sentenced to prison for non-payment of the debt and non compliance with the instalment order.
Garnishee Application
A garnishee application may be taken out by you, the creditor, where you are aware that the debt owed to you will be paid by a third party. The resulting garnishee order will direct the third party to pay the debt to you directly on behalf of your debtor in order to discharge the debt from the debtor who cannot afford to pay it. It is important to note that before the debt is paid to you by the third party that the garnishee order is issued.
Bankruptcy
Should the debtor fail to pay the debt to you, despite judgment having been passed, you do have the option to petition the High Courts to declare the debtor bankrupt. The process is quite costly and does not give the petitioning creditor any priority over other creditors.
Liquidation
Liquidation occurs where a debtor is unable to pay, the enforcement stage of the debt recovery process allows the creditor the option to seek to wind up the debtor’s limited company. Suggesting this option to the debtor may encourage them to pay the debt quickly to avoid having to wind up their company.
What happens next?
As you can see there are many different enforcement options available to you in the debt recovery toolkit to help you in collecting your debt. You can be confident that with the help of the Carlisle Solicitors debt collection team, that you obtain clarity around collecting your debt and provide you a learning experience that will help you add value to your business.