Topic-21-Creditors-Rights-Remedies-SB

Topic-21-Creditors-Rights-Remedies-SB - BUSINESS LAW...

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WELCOME! BUSINESS & LAW
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2. Creditors’ Rights & Remedies 1. Introduction 2. Our Story so Far … 3. Practical Examples 4. Creditors’ - ‘CT’ - Remedies 5. Creditors’ Composition Agreements 6. Protection for Debtors - ‘DT’ 7. Secured Transactions: Terms Defined 8. Law For Small Businesses: Tips @ Prospective Entrepreneurs 9. Final Thoughts
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3. Creditors’ (AKA CT) Rights & Remedies 3. Consider the following scenarios: 1. A, a student applies for a student loan . A has no credit history or fixed income. His dad agrees to co-sign as a surety , as opposed to as a guaranty . 2. B = $10K credit card debt & unable to pay it off. B owns a house. The bank= registers lien over B’s house. No house? = CT’s composition agreement . 3. C painted D’s house and replaced the floor tiles. D is unable to pay C for his work & service. C = applies for a merchant’s lien . 4. F took his car to G for repairs. Total invoice=$2000. F is unable to foot the bill =G = applies for an artisan’s lien. 5. S has $5000 credit card debt. Unable to pay. S has a job =earns $3000 p/m. Bank applies for garnishee order. 6. K took number of business risks=lost a lot of money=unable to pay numerous creditors. CTs’=writ of attachment & writ of execution . *[CT’s remedies]
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4. Creditors’ (CT) Remedies 4. Remedies available to creditors ‘CT’ (7) Lien Claim against a property to satisfy a debt/protect claim re payment debts Merchant’s lien Lien: services/labour/materials provided to make improvements on property & house owner fails to pay immediately Artisan’s lien Labour & materials furnished to repair personal property + CT in possession + agreed: COD not on credi t=owner fails to pay=CT keeps property until DT pays Judicial lien CT=requests=court order =CT may seize DT’s property to sell=satisfy debts Writ of attachment
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