GARNISHEE ORDERS: ARE 2 MILLION OF THEM NOW INVALID?
An action plan for employers, creditors and debtors. “The ability of people to earn an income and support themselves and their families is central to the right to human dignity” (Extract from judgment below) “Garnishee” orders (more properly “Emoluments Attachment Orders” or EAOs) are often used by creditors to attach a debtor’s earnings. The debtor’s […]
ATTACKING A TRUST (AND DEFENDING IT)
“Invincibility lies in the defence; the possibility of victory in the attack” (Sun Tzu) It’s an all-too-common scenario. When you try to recover your money from a debtor, you find that all his/her assets (including the luxury home, holiday house and ocean-going yacht) are held by a family or business trust. Creditors: Follow the Assets […]
BUSINESS RESCUE AND SURETYSHIPS: CREDITORS AT RISK
Consider this scenario. It’s unfortunately one all too likely to face creditors in these hard times One of your corporate customers runs up a substantial debt, finds itself in financial distress, and applies for business rescue You suspect that somewhere down the line you will have to write off at least part of your claim […]