Business Law

Once Judgement is entered, a number of procedures are available to enforce it.

At Hunter Shafiz Lawyers, our debt recovery lawyers can assist you with

• Writs (seizure of goods to sell in order to repay the debt)
• Examination Summons (requiring the debtor to attend Court to display how they will satisfy the Judgement)
• Garnishees Orders (whereby the Court can order a third party to pay money to a creditor instead of a debtor)

If an individual is declared bankrupt by the Courts, a Trustee is appointed to take control of the insolvent person’s estate in order to turn the assets into cash to distribute equally among unsecured creditors (those who do not hold security for payment of the debt). Secured creditors may commence debt recovery by disposing of the asset securing the loan (e.g. a bank would do this if mortgage payments are not made on a house). Bankruptcy proceedings are handled in either the Federal Court or the Federal Magistrates Court, depending on the complexity.

When a company is declared bankrupt the Court has the power to ‘wind it up’ and appoint a Liquidator, whose responsibility is to turn the assets into cash and distribute it in the order set out in the Corporations Act. The creditor and the liquidator firstly recover their costs, followed by certain entitlements to employees. The balance is distributed among unsecured creditors. Winding up proceedings are handled in either the Supreme Court or the Federal Court. Our Lawyers can assist you by filing an Originating Process. If the Court is satisfied that the company is trading insolvent, it can then appoint a liquidator.

Our firm offers several other services. We can assist with the following;

• Tax File Number Applications
• ABN Applications
• GST Registrations
• Company Set Up
• Trust Set Ups
• ASIC Registration
• Business Names and much more

Credit Repair

If you’ve been turned down for a loan or find yourself overwhelmed with debt, talk to the experienced team Hunter Shafiz Lawyers. We’ll take a look at your situation and provide you with options that could help you get out of debt or get your loan approved.

We can even supply you with a FREE copy of your credit report to assess your credit rating, and we’ll work with you to provide the solutions for your situation.