Debt Recovery

/Debt Recovery

Can Your Bank Take Your Money Without Permission?

“A bank is a place that will lend you money if you can prove that you don’t need it” (Bob Hope) A recent High Court decision has settled the knotty question of whether your bank can take money it holds for you in one account to cover your debt to it in another, without your permission and without notice to you. Firstly, what is “set-off”? To understand how important this new decision is, we need to go back to our common law (unwritten

Proving Your Claim in a Liquidation or Sequestration – When You Should, and When You Shouldn’t

“A small debt produces a debtor; a large one, an enemy” (Publilius Syrus, Roman writer) You are owed money by a debtor, whose “insolvent estate” is “sequestrated” (in the case of an individual or trust) or “liquidated” (in the case of a company or other corporate). The Master of the High Court appoints a “trustee” (in the case of a sequestration), or a “liquidator” (in the case of a liquidation) to sell all the debtor’s assets and to distribute the sale proceeds