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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience:  Solicitor with 5+ years experience
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Can a person who has a high court judgemennt issues against

Resolved Question:

Can a person who has a high court judgemennt issues against them apply for one of the pesonal insolvency options or bankrupsy before the party with the judgement gets to lay claim to an asset?
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

For now please let me know if Judgment has been entered yet ?

Customer:

the judgement was entered into vouultarily on the day of a high court hearing on July 30ieth In Dublin. The court gave 2 months where no action could take place and the courts have been on holiday since for 2 months. The courts open on Monday the 6th of October and the plaintiff plans to take a charge on a number of assets but suspects the defendant will cover off the option by opting for bankrupsy or an insolvency option

Customer:

What do I do now I assume just wait?

Alex Watts :

Ok - yes you can go bankrupt before a charge is applied for

Alex Watts :

That would overrule any charge later as the Receiver gets automatic first charge

Alex Watts :

If the person waits until after charge the CCJ debt becomes secure and they get first bite of the cherry

Alex Watts :

The Receiver only then takes the equity

Customer:

The charge was granted but a stay was put on it for two months so is that the same situation

Alex Watts :

Ok - so has the charge been put in place?

Alex Watts :

Rather than enforced?

Alex Watts :

Is the charge registered on the land?

Customer:

Yes in the High Court in Dublin but no action to be taken for 2 months

Alex Watts :

Ok its bad news then. If you go bankrupt the Receiver will charge the equity left.

Alex Watts :

But the High Court debt is secure

Customer:

I dont follow what does the high court debt mean. No specific assets were charged yet as the two month stay was in place but luckily co incided with the*****holidays

Alex Watts :

Ok - has the PROPERTY been charged? Is the charge registered - you said it was?

Customer:

No the judgement was gven but no specific property was charges as there was a 2 month period of non action

Alex Watts :

Yes but has a charge been granted on the property?

Customer:

No the plan is to put a charge on shares on various SMEs on Monday next as well as a farmof land but not possible to do it until 9AM Monday the 6th of October due to court holiday We suspect an application for bankrupsy will be applied for in a different part of the country at the same time but in a district court

Alex Watts :

Ok so no charge

Alex Watts :

In that case if you go bankrupt now the Receiver gets the charge and takes the equity

Alex Watts :

Then the other debt is included in the bankruptcy

Alex Watts :

Does that answer your question?

Customer:

So no benifit to the person who went to the trouble of taking the High Court Action they have the same status as everybody else

Alex Watts :

No

Alex Watts :

If they go bankrupt before there is no benefit

Alex Watts :

The Receiver takes the equity

Customer:

Can any action be taken to prevent the bankrupsy

Alex Watts :

Can I clarify anything for you about this today please?

Alex Watts :

Sorry - no you can't prevent it

Alex Watts :

If the person wants to become bankrupt, you cant stop them - its their right

Alex Watts :

I am guessing you are the person owed the money?

Alex Watts :

Sadly if there is a stay on enforcement there is nothing you can do

Customer:

Thanks

Ash, Solicitor
Category: Law
Satisfied Customers: 10915
Experience: Solicitor with 5+ years experience
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