There are a number of alternative ways to enforce a judgment debt. This article is designed to assist a judgment creditor to select the most cost-effective and efficient way of converting a judgment debt into actual money paid by the debtor.
Note that bankruptcy proceedings and the winding up of a company are not means to enforce a debt. These processes relate to the solvency of an individual or a company. A Court will not order the payment of money by a judgment debtor as a result of commencing bankruptcy or winding up proceedings. Rather, a trustee in bankruptcy or a liquidator will be appointed over the insolvent entity.
If the enforcement procedures fail to secure payment of the debt, it may be reasonably concluded that the individual or company is insolvent and that bankruptcy or winding up proceedings are the most appropriate path forward.
The How to Enforce a Judgment Debt
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