Oil and gas debt collection is always done by debt collecting agencies that are specialized. Creditors normally hire these agencies to assist them in recovering money from the debtors. The agency is only paid after the debt is fully recovered or as per the agreement. This article highlights some of the steps involved in the whole process.
It is advisable that the agency to start the process by way of doing an initial notice. The intention of the notice is inform the debtor on the intention to recover the debt from him or her by use of a special debt collecting agency. In the initial notice, the debtor must be informed of the need to pay the dues in order to avoid being sued. A period of time is given before he or she is sued by the agency.
The notice will also inform the debtor on the period of time within which the dues is to be paid, failure to which they will be taken to court. It is a requirement of the law that the notice must be communicated to the debtor in writing in order to avoid any loophole where they may claim that they were not notified of then intention to take them to court.
The court is also to undertake to notify the debtor that he or she has been sued. The court does this after the agency have sued and filed the proceedings against the debtor. The court will require the debtor to appear in court on a specific date when they can meet with the agency and proceed with the hearing of the case.
After the institution of the case, the court will also notify the debtor on the existence of the case instituted against him or her. The notification from the court will indicate a specific date when both the debtor and the agency are required to make appearance. During the appearance, the agency will be seeking to prove to the court that the debt is overdue while the debtor will be seeking to be given more time to negotiate on the way to pay the creditor.
The court is also required to inform the debtor to enter appearance in court. They will be informed of the day to come to court and defend themselves. The debtor should give reasons why he or she should be given more time to pay for the debt. On the other hand, the agency will be seeking to be allowed to recover the dues immediately without any further delays.
After the judgment has been made and the debtor still fails to make payment, the agency will seek the intervention of the court. The intervention will come by way of execution order. The order will enable the agency to recover the dues from the seized account and buildings of the debtor.
The debtor is then required to comply with the decision on the court failure to which, the agency will seek for execution order. The execution order will described the means the agency will use in recovering the dues. Some of the means may include freezing the accounts of the debtors, freezing all the properties belonging to the debtor, contacting his or her creditors to recover the dues from them and also involving auctioneers to auction their properties. These are some of the ways used by agencies in oil and gas debt collection.
It is advisable that the agency to start the process by way of doing an initial notice. The intention of the notice is inform the debtor on the intention to recover the debt from him or her by use of a special debt collecting agency. In the initial notice, the debtor must be informed of the need to pay the dues in order to avoid being sued. A period of time is given before he or she is sued by the agency.
The notice will also inform the debtor on the period of time within which the dues is to be paid, failure to which they will be taken to court. It is a requirement of the law that the notice must be communicated to the debtor in writing in order to avoid any loophole where they may claim that they were not notified of then intention to take them to court.
The court is also to undertake to notify the debtor that he or she has been sued. The court does this after the agency have sued and filed the proceedings against the debtor. The court will require the debtor to appear in court on a specific date when they can meet with the agency and proceed with the hearing of the case.
After the institution of the case, the court will also notify the debtor on the existence of the case instituted against him or her. The notification from the court will indicate a specific date when both the debtor and the agency are required to make appearance. During the appearance, the agency will be seeking to prove to the court that the debt is overdue while the debtor will be seeking to be given more time to negotiate on the way to pay the creditor.
The court is also required to inform the debtor to enter appearance in court. They will be informed of the day to come to court and defend themselves. The debtor should give reasons why he or she should be given more time to pay for the debt. On the other hand, the agency will be seeking to be allowed to recover the dues immediately without any further delays.
After the judgment has been made and the debtor still fails to make payment, the agency will seek the intervention of the court. The intervention will come by way of execution order. The order will enable the agency to recover the dues from the seized account and buildings of the debtor.
The debtor is then required to comply with the decision on the court failure to which, the agency will seek for execution order. The execution order will described the means the agency will use in recovering the dues. Some of the means may include freezing the accounts of the debtors, freezing all the properties belonging to the debtor, contacting his or her creditors to recover the dues from them and also involving auctioneers to auction their properties. These are some of the ways used by agencies in oil and gas debt collection.
About the Author:
You can visit the website meltonnorcrossandassociates.com for more helpful information about Guideline On The Procedure Used In Oil And Gas Debt Collection
No comments:
Post a Comment