Types of Relief Commonly Sought in Debt Collection Actions
Whether enforcing accounts payable, looking to collect money owing under a contract or realizing on a security, time is of the essence. It is important to act quickly to prevent the debtor from disposing of assets that could be applied toward their outstanding debt. Some of the common remedies we seek on behalf of clients to secure their interests in a debt collection action include:
Injunctive Relief: Where there is concern that a debtor will dispose of or transfer liquid assets to avoid a judgment, we will seek an injunction (known as a Mareva injunction) to freeze their assets and prevent the debtor from dispensing of any assets until the matter has been determined by a judge.
Norwich Order: In cases where the debtor’s assets are unknown, we can request a Norwich Order, which enables the creditor to obtain information from third parties, such as a bank, regarding the debtor’s finances and assets.
Certificate of Pending Litigation: In cases where the debtor owns real property and there is concern they might attempt to dispose of it or transfer the title before a court makes a determination with respect to the case, we can have a Certificate of Pending Litigation (CPL) placed on the property’s title. This will prevent the debtor from transferring the property until the CPL is removed, pending a final order by the court.
For Efficient and Effective Representation in Debt Collection Actions, Contact Prudent Law in Toronto & the Surrounding Areas
The lawyers at Prudent Law will act quickly and effectively to represent a client in a debt collection action. We understand the importance of urgent action in these matters and we will work to enforce our clients’ rights and efficiently collect outstanding monies on their behalf. If you require assistance enforcing a debt owing to you and you’d like to discuss it with one of our experienced litigation lawyers, please call us at 905-361-9789 or contact us online.