Different Ways To Collect Against The Person Who Has an Asset

If you are the creditor of an entity, you may be entitled to avail of a civil proceeding to collect debts due to your business. There are many different ways lawyers can help you collect on a judgment in New York against the person who has assets.  

Sue in court

This suit aims to ascertain the value of the assets to compute the amount that you can take in money and property. This will be in line with Section 45(2) Civil Procedure Code (CPC) which states, “An action for the collection of a sum due from an insolvent person, whether such sum is fixed or contingent, may be brought against such person, or if he is dead against his estate.” 

Claim before an administrative body like a credit bureau or a credit bureau agency.

The purpose of this is to collect a sum due from the debtor or his estate. You can collect against the debtor and his estate using this procedure.

Refer a case before a court of competent jurisdiction as defined by Civil Procedure Code (CPC). 

The purpose of this is to collect a sum due from the debtor or his estate and another person who has an interest in the property of the debtor or who has been prejudiced by the debts incurred or defaulted.

Request the court to appoint a receiver for assigning the real property of another person to you.

The purpose of this is to collect against the debtor and his estate. 

Request the court to appoint a receiver for assigning your debtor’s bank/other deposit accounts to you.

The purpose of this suit is to collect funds due from your debtor and his estate.

Request the court to appoint a receiver for assigning the proceeds of insurance policies that cover your debt from your debtor or his estate.

This procedure is used to collect a certain sum from your debtor and his estate when an insurance policy is in place. 

Request the court to appoint a receiver for assigning the debtors’ motor/motor vehicle/vessel to you.

The purpose of this is to collect a certain sum from the debtor.

Injunction proceedings 

The purpose of this procedure is to stop or delay any activity which may prejudice or cause action against you by sending a notice of the injunction, thereby preventing further damage from being done.

This article is to help you understand different ways you can collect against an entity or an individual.

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