TAILIEUCHUNG - Lecture Fundamentals of business law (7/e): Chapter 16 - M.L Barron

Chapter 16 - Debt recovery. At the end of this chapter you should understand: the steps that should be taken before deciding to grant credit to an applicant, the steps used to encourage punctual payment of debts, the steps in the debt collection process,. | This is the prescribed textbook for your course. Available NOW at your campus bookstore! Debt recovery Chapter 16 Learning objectives At the end of this chapter you should understand: the steps that should be taken before deciding to grant credit to an applicant the steps used to encourage punctual payment of debts the steps in the debt collection process the matters that should be considered before commencing legal proceedings how a creditor selects the appropriate court in which to institute proceedings the process by which a judgment is obtained against a debtor Learning objectives (cont.) how to apply the processes by which judgment is enforced against a debtor, including: examination process writ of execution garnishee order instalment order bankruptcy or winding up order. Introduction Goods and services are often provided to people who fail to pay for them. Those who owe money are called debtors. Those who are owed the money are their creditors. There are strategies that encourage repayment of debts and debt collection processes. The decision to grant credit—creditworthiness check Proof of identity of applicant: Name Address Assets and liabilities Employment status If a company: Names of directors Addresses of directors Paid-up capital of company Credit references Confirm ownership of property The decision to grant credit—credit policy Credit policy should be notified to debtor, . When payment is due Acceptable methods of payment Interest charges for late payments (default interest) Incentives to encourage punctual payment of debts Discount for early payment Credit charge for late payment Notification of overdue accounts: account rendered sent personal phone call Steps in the debt collection process Account rendered (For unpaid account) Letter of demand Details of debt Date debt incurred Debt collection Specify date payment to be made agency Specify legal proceedings will result Payment Negotiation, Legal made mediation or proceedings arbitration Court issues summons Affidavit of Service of Particulars of claim: service summons Names—plaintiff and defendant Proof of service Given to Addresses—plaintiff and defendant of summons defendant Details plaintiff’s claim Service of summons Defendant—possible responses Agrees to pay Agrees to pay Through in lump sum in instalments court Dispute claim via Judgment against filing defence defendant (judgment in default) For defendant For plaintiff Judgment Finish Plaintiff — judgment creditor Defendant —judgment debtor Enforcement of the judgment Enforce the judgement Examination summons / oral examination Ability of debtor to pay is examined INSTALMENT EXECUTION BANKRUPTCY ORDER AGAINST GOODS PROCEEDINGS Payment by Seizing goods of debtor and Debt > $5000 instalment selling to satisfy amount owing GARNISHEE ORDER EXECUTION Paid on behalf of debtor by AGAINST LAND employee or bank Sell land owned by (ATTACHMENT OF EARNINGS ORDER) debtor at public auction Unacceptable conduct when collecting debts National Consumer Credit Protection Agency Act 2009 (Cwlth) Section 99 prevents debt collector from entering residential property to repossess goods. Australian Consumer Law Section 168 prohibits the use of physical force, undue harassment or coercion. Section 18 prohibits misleading and deceptive conduct by persons engaged in trade and commerce. Section 21 and 22 prohibit unconscionable conduct by persons engaged in trade and commerce.

• Luật học
• Business law
• Fundamentals of business law
• Lecture Fundamentals of business law
• Contract law
• Consumer law
• Debt recovery
• Dynamic business law
• Lecture Dynamic business law
• Legal environment of business
• Criminal law
• Business crime
• Classification of law
• Law of torts
• Luật Kinh doanh
• The law of torts
• Law of marketing
• Administrative law
• Administrative agency
• Constitutional law
• Constitutional principles
• Tort law
• Classification of torts
• Business organizations
• Antitrust law
• Antitrust law rationale
• Business organisations
• Joint venture law
• Advertising Law
• E commerce law
• Marketing law
• Property law
• Insurance law
• Consumer credit law
• Competition law
• Intellectual property law
• Bankruptcy law
• Employment law
• Workplace relations law
• Work health law