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Solicitors, boost your practice with a robust debt recovery strategy! 📈 Elevate your success today. Check the link in the comments! #DebtRecovery #LegalTips #Solicitors #LawPractice #Finance

Recovering statutory demand costs from the debtor is possible, and it is always advisable to try to recover any legal costs from the debtor to minimise the overall costs of the action. If a creditor serves a statutory demand for a disputed debt and refuses to withdraw it after a dispute is raised, the creditor may have to pay the debtor’s legal costs for setting aside the demand. Moreover, if a debtor successfully has a statutory demand set aside, they may be able to recover their legal costs from the creditor https://bit.ly/47rtTyR

🎯Navigating Intercreditor Agreements: Key Takeaways from our Office Hours Q&A Session & Exciting News about our New Course🎯 In our latest FLT Office Hours Q&A session with our founder Sabrina Fox, we explored the intricacies of intercreditor agreements (ICAs) and the pivotal role they play in financial transactions involving multiple creditors. Here are some essential insights we covered: 📜 Understanding Your Position: The first step is always to identify your position in the capital structure. Whether you’re a senior creditor aiming to control enforcement or a junior creditor looking to safeguard your negotiation rights, your strategy will differ accordingly. 🔑Key Provisions: From the payment waterfalls to amendments, standstill periods, and the rights in post-default scenarios—you need to be crystal clear on these provisions. 🖋 Drafting Strategies: For legal advisors, it’s critical to align ICA provisions with other documents like the Senior Facilities Agreement (SFA). Ensuring consistency, especially in transatlantic deals, where LMA standards meet New York standards, is crucial. Also, be vigilant about avoiding additional restrictions that could affect the agreed terms in the SFA. 💬Junior Creditors’ Considerations: Junior creditors should focus on the transparency and efficiency of enforcement sales, consultation rights throughout the process, and the option to purchase senior debt under fair and market-value conditions. These elements are vital to maintaining their interests and ensuring alignment during distress situations. Ensuring a thorough understanding and meticulously drafting intercreditor agreements can lead to more effective and efficient enforcement – should it ever come to that. Thanks to everyone who joined the session and contributed to such a productive discussion! The replay is now available on the Leveraged Finance Covenant Training course platform, and we've also made it available to those currently taking our Taster Course, which is absolutely free and designed to give you a sense of how the platform and course materials work. Check out our latest blog on the topic, and STAY TUNED for announcements this week about our new course, Introduction to Intercreditor Agreements! Read the blog here: https://lnkd.in/ehN3HgtZ Get in touch with us to gain free access to the Taster Course! Just send an email to sabrina@foxlegaltraining.com. #Finance #IntercreditorAgreements #LegalAdvice #FinancialTransactions #Creditors #LinkedInLearning

Legal error worth AED 2 million: The method of calculating the delay interest was challenged through an opinion stated by the jurist Al-Sanhouri, summarizing it: ((Article 478: Effect of rescission between the contracting parties: The contract shall be dissolved and considered as if it was not, and everything must be returned to what it was before the contract. If the contract is a sale and rescission, the buyer shall return the sale to the seller, the seller shall return the price to the buyer and the sale shall be refunded with its fruits and the price with its legal interests, all from the time of the judicial claim in accordance with the general rules)) Page No. 803 of Part I, Volume Second, sources of commitment, mediator. Where the judgment issued pursuant to the request to reverse judgment No. 23 of 2024 in appeal No. 173 of 2024 civil decided the following: Whereas this argument is valid because it is decided in the judgment of this court that the delay interest is compensation for the debtor's payment despite his left, whether the debt is civil or commercial, and that the debtor's delay in fulfilling an obligation replaced by a certain amount of money entails an obligation against him to pay the creditor compensation for this delay In a delayed interest determined by the court and effective from the date of the claim, even if the debtor disputes the maturity of the debt when the debt is known based on fixed grounds in which the judge does not have the power to estimate, since that and the appealed judgment has violated this consideration and ended up upholding the appealed judgment regarding the interest awarded at the rate of 5% of the amount adjudicated from the due date 6/12/2005 until full payment without the date of the judicial claim, he has erred in the application of Which necessitates its partial reversal in this regard ... And make it from the date of filing the lawsuit on 31/10/2022....). Note: With a simple mathematical equation, if the judgment had remained as it was, the convict would have been obligated to pay the interest of the amount, which was originally worth 2 million dirhams, at 5% from the date of 12/6/2005 (not 6/12/2005), equivalent to approximately 2 million dirhams, until the implementation process began. We share this valuable information to colleagues for the purposes of benefit.

Creditors' claim rejected; no proof of loan agreement, time value consideration.: The Appellate Tribunal dismissed the appeal filed by the Petitioners seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor/Respondent. The key findings were: There was no loan agreement specifying the tenure, interest rate, or payment frequency. The only evidence was the Petitioners' ledger accounts maintained by the Corporate Debtor. The Petitioners did not submit any agreement obligating the Corporate Debtor to pay interest on the alleged loan. For a debt to qualify as a "financial debt," the amount advanced must be in consideration of the time value of money, which was absent in this case. The Adjudicating Authority rightly concluded that the Petitioners did not qualify as financial credito..... http://dlvr.it/TF3xR5 #LoanDispute #FinancialDebt #CorporateInsolvency #AppellateTribunal

Struggling with Outstanding Invoices? Here's Why Choosing Solicitors Makes Sense! 💼📄 When it comes to debt recovery, the dilemma often lies in whether to DIY, hire a debt collection agency (DCA), or instruct a law firm. Here's why opting for solicitors like Debt-Claims can be your best bet: 1. Full-Service Management: Unlike DCAs, solicitors can handle everything - from drafting initial letters to court proceedings and enforcement. 2. Cost-Effective Solutions: Think solicitors are expensive? Debt-Claims offers solicitor letters from just £2.50, with costs recoverable from the debtor in many cases. 3. Powerful Impact: A solicitor's letter can be a game-changer. About 95% of debtors pay up after receiving our initial letter. Don't let unpaid debts slow down your business. Our portal offers fast, efficient, and affordable debt recovery solutions. 📞Need help with debt recovery? Contact us for effective solutions. #DebtRecovery #LegalSolutions #DebtClaims #BusinessFinance #EfficientRecovery

Intercreditor Agreements are one of the most important documents in a typical leveraged finance deal, yet also the least understood. In last week's Fox Legal Training Office Hours Q&A session, I reviewed the key aspects of our new Introduction to Intercreditor Agreements course, which will be launched this week! Check out the post below from Fox Legal Training and follow FLT for more exciting announcements this week about new courses and product offerings! https://lnkd.in/eTp_prfm

I had somebody call me earlier that received a letter from a debt recovery solicitor who used some pretty threatening language. This sort of situations happens more often than you'd think, but it doesn't have to be the end of the road. If your company is struggling to meet its financial obligations and cannot pay debts as they fall due, it is technically insolvent. Facing insolvency can be a daunting prospect for any business owner, but it's crucial to understand the legal obligations and potential consequences involved. 👉 Acknowledging this reality is the first step towards taking appropriate action. Directors must exhaust all options for recovery, exploring strategies to address the underlying issues causing financial distress. However, if there is no prospect of recovery, immediate steps must be taken to wind up the company to limit further losses to creditors. Failure to act in a timely manner can result in allegations of wrongful trading, especially if continuing to trade exacerbates the creditors' position. It's essential to carefully monitor the company's financial situation during any exploration of recovery options and refrain from burdening creditors further. -- While facing insolvency is challenging, it's imperative to adhere to legal obligations and act responsibly to mitigate potential repercussions. Directors found guilty of wrongful trading may face disqualification and, in severe cases, could be held personally liable for debts incurred through reckless behavior. Seeking advice from insolvency experts like the team at Forbes Burton can provide invaluable support during this challenging period. If you're not sure what steps to take with your business, give us a call. #ForbesBurton #Insolvency #BusinessDebt #DebtRecovery #BusinessAdvice

Send a Solicitor’s Demand Letter for the price of fish and chips! 🐟 🍟 Struggling with unpaid invoices? Our cost-effective solicitor demand letters could be the key to unlocking the payments you’re owed. For as little as £10 plus VAT, our debt recovery team will draft and send a letter before action, adding the weight of our legal expertise to your request for payment. By choosing Roythornes, you’re giving your business the best chance to recover debts swiftly and professionally, while maintaining valuable client relationships. Don’t let overdue payments hold your business back—let us help you take the first step towards resolving them. Find out more about this service here ➡️ https://ow.ly/WXIR50SXwpp #roythornessolicitors #debtrecovery #demandletter

In the world of legal settlements and debt negotiations, the term "without prejudice" has often been used to signify an offer or agreement that cannot be admitted or revealed in court proceedings. However, recent insights from legal rulings raise questions about the true nature of these agreements. As featured in The Life of an entrepreneur magazine PJ Veldhuizen, Managing Director of GilIan and Veldhuizen attorneys, sheds light on the matter. "It's crucial for both individuals and corporations to understand the implications of 'without prejudice' offers when you are proposing to settle debts. While they may seem protective, they can inadvertently make you vulnerable, especially if you admit an inability to pay immediately." As individuals and businesses grapple with debt settlements and negotiations are high, it becomes imperative to seek legal guidance to understand the nuances of 'without prejudice' offers and how they may impact their financial future. #commerciallaw #corporatelaw #legaladvice #SAICA #accountants #debts #creditors #withoutprejudice #legalrulings #courtproceedings #distillingcomplexity #business #companies #finance