Search Results for 'Creditor'
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Legal rights group FLAC (Free Legal Advice Centres) say new provisions for independent oversight of personal insolvency arrangements are a welcome first step towards adjusting the imbalance between those who are in serious mortgage debt and their creditors.
The new Personal Insolvency legislation, may be an opportunity to help families in mortgage arrears but it still leaves too much power in the hands of the banks.
Last week, I discussed the process involved in securing judgement before the Courts in respect of debt collection matters. This judgement may then be enforced against the individual who owes the money (the debtor). If the debtor still refuses to pay a number of options are available to the individual who is owed the money (the creditor). Such options include the following:
Q.I own a small manufacturing company which is in trading difficulties. My creditors are mounting as my cashflow comes under pressure. The company premises which cost €750,000 were financed through a bank loan and meeting the payments on this has proved increasingly difficult. I have been reading in the papers about examinership and it appears that the examinership process might be a way of protecting the company against my creditors and preserving the trade and the related jobs. Is this possible?