Provisional attachment of assets as a means of debt collection

By Seiichi Yoshikawa, Koga & Partners Legal

As I wrote in a former article, it is often advisable for a creditor to secure a court order for provisional attachment on debtor’s assets before commencing a legal action for debt collection (main action). The attachable assets include real estate, personal property, ships or transportation vessels and the debtor’s claim to a third party. The creditor commences the procedure by filing an application together with documentary evidence to prove prima facie that it has a valid claim to the debtor and the necessity for provisional attachment.

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Changes to lien regulation in Hungary

By Dr. Attila Kovács, Kovács Réti Szegheõ Attorneys at Law

The new Civil Code has brought fundamental changes to the regulation of lien. The establishment of lien has been simplified, the rights of the lienor concerning the enforcement of the pledge have been broadened and new legal institutions have been introduced.

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The killer app for corporate debt collection in the UK – winding up petitions

By Jim James, Ward Hadaway

In most jurisdictions, the legal process for debt collection can be long and uncertain. Even using the most effective court process in the UK, for example, an undisputed debt can take seven weeks before an enforcement officer attends on the debtor. The one exception to this is the winding up petition. If the debtor is solvent and merely "playing for time", the presentation of a winding up petition can result in a payment of the creditor’s debt and legal fees in a matter of days.

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We can’t squeeze water from a stone, but it’s your perfect right to collect debts!

By Christian Seidl, Tramposch & Partner

Cash flow is the lifeblood of every business and bad debts are still the most frequent reason for company insolvencies. Obtaining new customers is just one part of the process. Ensuring that you get paid on time is just as important. When collection agencies, businesses and individuals want their collection matters handled using the most successful and efficient methods, they contact our professional debt collecting attorneys at the law firm of Tramposch & Partner.

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Collecting extra judicial costs in the Netherlands

By Johan. F. Langelaar and Michiel Teekens, TeekensKarstens advocaten notarissen

Creditors involved in international business can optimise their (legal) collection position by knowing and applying the (national) rules of extra judicial costs collection and by using a thorough debt collection service provider in the country in which the debtor is located.

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The European black insolvency hole – the Danish non-recognition of foreign bankruptcies

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Denmark has been a member state of the European Union since 1973. However, in 1992 Denmark voted "no" to the Maastricht Treaty in a referendum and in 1993 a new referendum was only possible due to 4 opt-outs to the Treaty of Mastricht. One of the opt-outs is in relation to legal cooperation in the EU. As a result, Denmark is not included in the EU Regulation on Bankruptcy Proceedings (1346/2000). Furthermore, Denmark has not entered into any bilateral agreements regarding recognition of foreign bankruptcies – the Nordic countries excluded.

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Debt collection in Cyprus

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By Melina Karaolia, M. Eliades & Partners LLC

In a euro-crisis reality, when clients don't pay their dues, it means business and cash flow shrinks even further. Debt collection in Cyprus is definitely a challenging task.  The process is usually initiated with a notice to the debtor. If there is no response, a claim is filed to the District Court that has jurisdiction. The claim is served upon the debtor who then has ten days in which to file an appearance before the Court.

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Tired of hearing debtors' excuses? Debt collection – efficient prosecution of debts in Austria!

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By Christian Seidl, Tramposch & Partner

One of the consequences of the current financial crisis is that an increasing number of invoices that remain unpaid. The reasons for this are manifold. Banks are tightening their lending criteria, loans become due, people lose their jobs, margins are lower and there is greater competition from abroad. The financial crisis leaves deep traces.

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