Cash Recovery
Pre-Judgement Remedies
How to recover your cash faster by using the Yuill & Kyle Arrestment and Inhibition
ARRESTMENT
This process prevents a third party from making over money to your Debtor.
How do we obtain custody of the arrested funds?
To force the third party to make over the fund, the Creditor has to take subsequent court action known as "Forthcoming". This is only competent once we have a Decree against the Debtor.
What is Arrestment on the Dependence?
As Arrestment can be used on the dependence of the court action. So even if you do not have Decree against the Debtor, the Debtor's funds can be frozen in the hands of third party, although these cannot be released either within the consent of the Debtor or following upon an action of Furthcoming once Decree is available.
Costs of Arrestment
The cost of an Arrestment will vary between £30.00 to £50.00
Cost of Furthcoming?
The cost of an action of Furthcoming will vary between £50.00 - £80.00.
Debtor's insolvency
In the event of the Debtor's or third party's insolvency, an Arrestment on the dependence of the action will be ineffective. Following upon a Court Decree should the Debtor be insolvent, the Arrestment may have a limited effect depending upon the date of the Arrestment and date of Insolvency.
INHIBITIONS
You, as the party taking the court action, may proceed to inhibit the Debtor from granting security or selling his heritable (fixed) property. What we do for you is to make application to the Court of Session. The Inhibition is effective when registered in the Registered of Inhibitions & Adjudications. The actual Inhibition is served on the Debtor by Sheriff Officers. The Inhibition is effective for five years and can be renewed.
Cost of Inhibition
The cost of the Inhibition is approximately £150.00 + disbursements. As an Inhibition is a remedy to secure your debt, then these costs generally cannot be recovered from the Debtor, although we always attempt to do so.
Debtor's insolvency
In the event of the Debtor's insolvency, the Inhibition may be ineffective. This depends upon the date of Inhibition vis a vis the date of Insolvency. Also if the Debtor has already granted a fixed charge equivalent in value to the Debtor's property of that charge, then the holder has a preference to your Inhibition.
| Tel: 0141 331 2332 | © Yuill + Kyle 2012 |
| Fax: 0141 332 4223 | 79 West Regent Street |
| Email: info@debtscotland.com | Glasgow G2 2AR |
