Methods of enforcing debt collection

Methods of enforcing debt collection

ENFORCEMENT

The Judgment Creditor has a number of options to enforce the judgment. (The Judgment Creditor is entitled to interest at 8% per annum from the date of judgement.)

Garnishee/Receiver by Equitable Execution

These Orders are available where a third party owes money to the Debtor. The Court can order the third party to pay the money to the judgment creditor instead of the Debtor. Garnishee Order can be obtained where the debt is already due to the Debtor but not yet paid by the third party. Receiver by way of Equitable Execution – This is where the money will become due in the future by the third party to the Debtor.

Judgment Mortgage

This judgment can be registered as a mortgage over any land or property owned or part owned by the debtor. It prevents the property being sold and you have the right to have the property sold off and the proceeds used to pay the debt

Well Charging Order

A judgment mortgage can entitle a judgment creditor to apply to court to have the property sold to enable the debt to be discharged.

Registry of Judgements
All judgments will then appear accordingly in the Gazettes of the Dun & Bradstreet (Stubb’s) and the Irish Trade Protection Association (ITPA).

County/City Sheriff
The Sheriff will attempt to seize debtor’s assets to the value of the money owed.

Instalment Order(individuals only)
An application is made to the District Court regardless of the size of the Judgment for the the Debtor to be examined as to his means and the Court is entitled to make an order requiring the debt to be discharged in instalments, usually on a monthly basis.

Committal Order(individuals only)
An application is made to the District Court for the Committal of the Debtor to prison for failure to comply with an Instalament Order.

Bankruptcy
This applies only when the debtor is an individual and the debt is very large. It usually means that the debtor will lose everything he/she owns.

Liquidations
The Judgment Creditor may petition the High Court to request the winding-up of the debtor company and that a liquidator be appointed. The Liquidator must then sell all the assets of the company and distribute the proceeds to the creditors.

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