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Judicial recovery of debts in the Commercial Court
Recovery of debts through the legal proceedings
To achieve results in court without the assistance of skilled lawyers is almost impossible. So, judicial recovery of debts can take years without a guarantee of a successful ending.
Debtors themselves often seek the help of skilled lawyers and it makes judicial proceedings even more difficult and any delay reduces prospects for actual implementation. The prospect of obtaining a judgment that cannot be enforced is hardly settled for creditors.
Debt collection methods
- The conclusion of an agreement on payment by installments of debts. It is the most optimal and the least expensive option of recovery of debts. If a debtor has an opportunity to clear the debt in a short period it means that it is possible to agree on payment by installments. In case of delay of any dates of payment of the specified amount or compensation of a partial amount, the creditor has the right to take legal action on a collection of debt through legal proceedings. In the treaty-making process, it is not negligible to use the services of skilled lawyers because it allows you to protect yourself from wastes of time on the collection of debts.
- Judicial debt collection. If a debtor doesn't want to communicate or hide property the only way to make him pay debts will be the way when you take legal action.
Judicial debt collection stages
- The legal analysis of documents that gave rise to the legal relationships (including the presence of a surety, liens, etc.)
- Preparing the claim on debt repayment and sending it to the debtor;
- Preparing the statement of claim and submitting it to a court
- Judicial proceeding with a positive judgment;
- Appealing against judgements of all court levels in case of refusal to satisfy declared claim requirement;
- Receiving of enforcement documents;
- The control on the process of enforcement proceedings by the court.
It seems that the judicial recovery of debts is an easy process but with the participation of skilled lawyers on the debtor’s side the recovery of debt can become complicated and have many obstacles. It is because the debtor can sell all his property for being not able to meet obligations and pay the debt. So that is why it is essential to take action to introduce interim measures relative to all property of a debtor through the court and after through the enforcement proceeding. In case if the debtor sells a part of his property, it will be returned by a court decision. Only in such cases, the judicial recovery of debts can have a result.
Collection of debts in the Commercial Court
The debtor during the process of judicial debts collection has an opportunity to counteract through interposing counterclaims including the invalidation of a treaty that caused the debt.
Sometimes the execution creditor cannot provide sufficient evidence (a lack of original documents that can confirm debts, the skip of the statute of limitations) for debts collection in the Commercial Court because he doesn't have a background in law and doesn't conduct a legal analysis of the documents. This can result in the refusal of the claims and that further appeals in the court will not be possible with the same claims.
It is important to note that it is possible to recover the debts from not only a debtor but from the guarantor if it is provided under the conditions of an agreement or of the debtor's heirs in case of the debtor's death and acceptance of property of the debtor with all debts.
The conditions of agreement may include the provision of property both movable and immovable as collateral of implementation of the commitments made. Collateralized debt obligations may provide guarantees of collection of debts. The order of procedures relating to foreclosure on the collateral is established by legislation. However, to rescue the property from a foreclosure dispute, the owner of the collateral property can evade a foreclosure or voluntary transmission of property that is the subject of a pledge (sale to third parties, concealment of property from arrest, ignoring summon of bailiffs).
During the long-lasting activity on the market of judicial collection of debts, we worked out a lot of schemes for countering the withdrawal of debtors and also from foreclosure disputes. We successfully use legal and approximately legal tools in the court during the enforcement proceedings.
As soon as the problem occurred it is important to use legal assistance. It allows avoiding many other problems and ensures the repayment of the debt as soon as possible. Only skilled lawyers know the efficient recovery mechanism and can do everything for achieving positive results.
One of the important questions is the jurisdiction of the dispute. According to a common rule if a debtor is legal entity you apply to the Commercial court. And if a debtor is a natural person you apply to an ordinary court at the place of residence of a debtor.
However, there are some exceptions
- If the statement of claim is brought against a legal entity and a natural person (when one of them for example is a debtor and another one is the guarantor), you have to apply to the ordinary court at the place of residence of a natural person;
- If the jurisdiction is specified by the agreement of the parties
Skilled lawyers can help to understand the intricacies of the jurisdiction.
The advantages of work with us
Collaboration with specialists of Tsentralny Okrug Law Firm has multiple benefits
- After the analysis of presented documents that are the grounds for recovery of debts, our specialists can advise on prospects of debts recovery and offer legal methods of impact on a debtor for the earliest return.
- Many years of experience working of our lawyers in the area of debts collection on the Commercial court can help to recover the debt in a short period.
- Money back guarantee if we don't achieve the result.
- appropriate and responsible conduct of business (more than 500 won cases on debts collection during last year).
It is important to understand that recovery of debts through legal proceedings needs a serious approach so only specialists with a great background can do this using their knowledge and experience. Only with a serious approach, it is possible to guarantee repayment of debts and recovery of dues.
Judicial recovery of debts. Services in Voronezh
The Tsentralny Okrug Law Firm provides services on the collection of debts including foreclosure on the collateral (cars, apartments and other property) We work in Voronezh, Kursk, Belgorod, Lipetsk, Tambov, Moscow. We guarantee repayment of debts and actual implementation of the debts.
Author is Irina Volodina