Understanding Repossession Laws and Debt Collection
Whether a debtor client is insolvent or declaring bankruptcy you may have repossession rights for goods you have supplied and not been paid for. However they may not need to be bankrupt or insolvent for repossession to take place.
There are a number of legal arrangements and forms of agreement which permit creditors to repossess assets or property where debtors are in arrears in payment or in default of the agreement.
TV stories of the "repo man" often focus on car repossession, repossessed boats, truck, vehicles, houses and personal property. Sometimes bank repossession of houses hits the news headlines. In Australian business more common examples include equipment leases, lease of commercial premises and property repossession.
Generally a “consumer contract” will need an order of the Court before the creditor can “retake” possession of any property which is related to a finance agreement. It is important not to take the law into your own hands and repossess property illegally.
Repossessions of residential property require an order from the Supreme Court and strict compliance with the terms of the mortgage documents is required in order to ensure a cost effective remedy is obtained.
Your Streeterlaw Lawyers are trained in Bankruptcy Law, Insolvency and Repossessions. They can help present your repossession argument and follow correct repossession law procedures.
Not sure of your repossession rights over business debts? When you want your money back call a Streeterlaw bankruptcy lawyer for advice.
Learn more about your business rights to Search, Seize and Freeze, Debt Collection and Debt Recovery.
Common miss-spellings: reposessed, reposession, repossesion, reposessions, repossesions
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