Financial problems can arise both in situations where clients are unable or unwilling to settle their debts, or in circumstances in which our own funds are inadequate to cover our obligations. Such situations give rise to issues such as the sizes of claims, dates of expiry, debt recovery, limitation of actions, the setting-off of, and security for, debt. The best outcome is for the creditor and debtor to reach agreement regarding the claim and, if possible, achieve a restructuring of the debt. In other situations debt recovery by such means as collection, execution procedures, enforced sale or insolvency will be necessary.
Projure can provide assistance at all stages of the claims process. Unambiguous agreements are a key prerequisite if unnecessary and costly claims and processes are to be avoided. It is important, before a debt is incurred, to establish sound security for claims by means of mortgaging, debt instruments or other means. If a claim does arise, there are important deadlines linked to notice of default and limitation of actions that must be adhered to. If a creditor has to resort to legal proceedings to recover his debt, we will help our clients to find the simplest and best solution. If insolvency represents the only option, we can conduct the case through the courts and oversee the administration of the estate in bankruptcy.
Our experience in cases of monetary claims and debt recovery enables us to provide sound advice regarding the instruments that creditors and debtors can implement in relation to each other, and what the parties can and cannot claim pursuant to law. There is no shortage of traps, and it is not uncommon to make mistakes that can have fatal consequences for the claim in question.