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Getting that Money You’re Owed
It can sometimes be frustrating and time consuming to pursue debts owed. Multiple requests for payments are often met with continual promises to pay from debtors, however no money may be received or payment is slow. We therefore explain some effective recovery … View moreGetting that Money You’re Owed
It can sometimes be frustrating and time consuming to pursue debts owed. Multiple requests for payments are often met with continual promises to pay from debtors, however no money may be received or payment is slow. We therefore explain some effective recovery options in this eBites article for you.
Company Debts
For debtors who are companies, commonly the most effective way to get paid is to issue the debtor company with a Statutory Demand under the Companies Act. Such a formal Demand can be used when the amount owed is $1,000 or more.
In essence, the Demand should outline the amount owed and request payment within 15 working days. Failure to pay or otherwise come to an agreed arrangement means you can apply to the Court for the debtor company to be liquidated. This is something companies usually wish to avoid, so the Demand can be a great recovery tool.
If the debtor company does end up being liquidated, there may be insufficient assets for all creditors. We therefore recommend our clients to obtain personal guarantees from Directors of any company customers. They can then pursue the Director(s) personally to recover what is owed.
Consequently, ensuring your terms of trade and customer credit application forms are up to date and comprehensive can be really beneficial for debt recovery.
Debt owed by an Individual or Business
Where a debt is owed by an individual or a business (that is not a company), or where the debt is owed by a company but the amount owed is under $1,000, you can go to the Disputes Tribunal or the District or High Courts and apply for judgment against the debtor.
The Disputes Tribunal is usually cost effective and quick. It's able to deal with claims up to $15,000. Parties can’t be legally represented at the Tribunal hearing.
For those debts over $15,000 and under $350,000, you can apply to the District Court for judgment against a debtor. For any amount over $350,000 your claim must be filed in the High Court. Both Courts also have the ability to give Summary Judgments which, in contrast to regular court cases, can be faster and less expensive as they don’t require the same level of procedure. We can help in choosing the type of procedure required in any given case.
Once you’ve got a Judgment there are all sorts of ways you can enforce it so as to ensure you get paid. Commonly in cases where a smaller debt is owed, you could apply to have the debtor assessed by the Court as to their financial ability to pay. Orders may be made for instalments to be taken directly from their wages (for an individual). Alternatively, for larger debts, applications to obtain a charge over, or sell, a debtor’s property are available as is an application to make a defaulting individual debtor bankrupt. Like a Statutory Demand, that last option can have devastating consequences for individuals, who usually take all steps possible (such as paying up) to avoid it.
If you want to know more about getting paid or would like further information on how to ensure your terms of trade protect you as creditor, please contact Holly Brown, Senior Solicitor, in our Litigation Team, Ph 03 379 4660.
Richard Rea Plumbing Ltd is now a Neighbourly member. Fantastic to be a part of this New Zealand owned neighbourhood website that supports local businesses. Richard Rea Plumbing has been operating as a locally owned business in this community for nearly 10 years and we are looking forward to … View moreRichard Rea Plumbing Ltd is now a Neighbourly member. Fantastic to be a part of this New Zealand owned neighbourhood website that supports local businesses. Richard Rea Plumbing has been operating as a locally owned business in this community for nearly 10 years and we are looking forward to providing a great plumbing and drainage service for our Neighbourly community.
Come along to one of our FREE info sessions to have your all questions answered.
Building a new home is an exciting adventure and Jennian Homes has been building the homes New Zealanders want for over 34 years.
Come and learn from the experts about the hidden costs of building and how to avoid… View moreCome along to one of our FREE info sessions to have your all questions answered.
Building a new home is an exciting adventure and Jennian Homes has been building the homes New Zealanders want for over 34 years.
Come and learn from the experts about the hidden costs of building and how to avoid surprises when designing a home, customised for you, to work within your true budget. Book in for a spot while they're still available! We'd love to see you there.
We invited a member of the Neighbourly team to give an electric car a go for a couple of weeks. Find out what Sarah learnt about city living with an 'EV' and what our plans are for our staff fleet over the next few months!
Does anyone know a typest who can type out some documents and make them look real tidy for me , contact me Mike on 0274355239
I will pay for the work .
I have flatting and I have had this mirror for he last 7 years it now needs a good home as it is resting in the hallway and wasting away!! it is the real deal and would like $400 for it. I think it is 1200 x 800 Call Danny de Hek 021 961 652 or contact me via www.elite6.co.nz...
There are new Summit Rd night-time vehicle restrictions proposed and we would love your feedback via consultation. Read more at NEWSLINE: bit.ly...
Hi neighbours! If you haven't received your enrolment update pack, you may not be enrolled to vote in the General Election. Make sure you're ready to vote! Enrol, check, or update your details now.
It's that time of year folks. Get your spouting cleaned out by Rose Property Services Ltd. Up to 4 storeys. Free Quotes.
I’m having to sell my whole tank and pretty much everything with it (no fish).
145 litre glass tank with custom made Rimu cabinet. It's missing one of the tank's back corner wood coverings. Has a few scuffs here and there but nothing serious - pretty good condition and a real … View moreI’m having to sell my whole tank and pretty much everything with it (no fish).
145 litre glass tank with custom made Rimu cabinet. It's missing one of the tank's back corner wood coverings. Has a few scuffs here and there but nothing serious - pretty good condition and a real beauty when set up.
Comes with:
200W Heater – about 1 year old
Aqua One Filter
Aqua One Light
Bubble machine (I got this second hand but never used it but it should still work)
Accessories:
7 x decorations including large ship (4 small columns and an asian looking house/hut not pictured - these have some chips)
1 x floating jellyfish (white) – my fish loved playing in and around this!
3 x double sided backdrops – that’s 6 different options!
1 x large cleaning syphon
Full chemical testing kit (almost new and costs $69 in shops)
Extra Ammonia Test strips
Chemi Carb – Carbon (half container left)
Bio Noodles – just under half container left
Small Thermometer
Small net
Prime – 325ml bottle almost full
Stability – 250ml bottle just over half full
Garlic Guard – 100ml 2/3rds full
Excel Flourish – 250ml bottle just under half full
1 x Oxyshell – 25g
1 x Holiday Fish Food
1 x bag of Aqua One Aquarium filter wool pad (70 x 24cm) - unopened
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MindLabKids.com has launched, meaning your creative little ones need never be bored at home again. Sign them up now for a safe, educational online experience featuring hilarious characters, things to make and do, fun video challenges and more. We can’t wait to see what your little ones create!
More than 2700 people were asked their views on the central city. Here’s a snapshot of what they had to say about living there: bit.ly...
This is one of a series of four surveys aimed at providing the Council with in-depth information on how residents feel about living in Christchurch.
This quirky meter will be spitting out ideas for “sweet, free adventures” around Christchurch, unlocking some the city’s best kept secrets.
Read more at Newsline: bit.ly...
** IT'S OFFICIAL**
Christchurch will be having a parade to celebrate the America's Cup victory next week!
Read more at Newsline: bit.ly...
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