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Recovering Personal Property Collateral: When Should Secured Creditors Consider Replevin Instead of Self-Help Repossession?

Jimerson Firm

Many secured creditors and equipment leasing companies have encountered defaulted debts, where the debtors and lessees retain possession of the collateral, including cars, boats, machinery, or other equipment. The individuals hired by the bank slashed the debtor’s tires and chased the debtor when attempting to repossess the vehicle.

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How Can a Secured Creditor Repossess Collateral Without Breaching the Peace?

Jimerson Firm

In the event the borrower defaults, usually by failing to make loan payments, a secured creditor has a right to take possession of the collateral. The quickest and cheapest way for a secured creditor to take possession of the collateral is by self-help repossession. 679.609, Fla. What Does it Mean to “Breach the Peace”?

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Can a Secured Creditor Refuse to Sell the Collateral?

Jimerson Firm

Any secured creditor, large or small, may encounter a situation in which it is preferable to retain or recover the collateral in a transaction without having to sell the collateral itself. The purpose of this article is to make creditors aware of what is and is not possible to do under Florida law. 679.609(1). In Hohns v.

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Proof Of Debt: Owing Creditors Money After Company Liquidation

Hudson Weir

Therefore the appointed insolvency practitioner must pay every creditor group entirely, before distributing funds to the next one. Preferential creditors: This group includes employees with unpaid salary and holiday pay claims. As per the Finance Act 2020, HMRC also ranks as a secondary preferential creditor.

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Rick Steinberg to give live webinar presentation on October 6 at 1:00 through Strafford on Bankruptcy and Secured Creditor Priority: Identifying, Resolving, or Avoiding Hidden and Springing Liens

Price Meese

Steinberg and the firm are pleased to announce that he will be speaking in an upcoming Strafford live video webinar, “Bankruptcy and Secured Creditor Priority: Identifying, Resolving, or Avoiding Hidden and Springing Liens” scheduled for Wednesday, October 6, 1:00pm-2:30pm EDT.

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SBA Loans: How to Maximize Recovery by Liquidating Personal Property

Jimerson Firm

Self-Help Repossession: In Florida, a secured creditor may use self-help repossession to take possession of collateral, provided its efforts do not breach the peace. Florida case law provides that a breach of the peace occurs if the secured creditor enters the debtor’s land to repossess the collateral, without the debtor’s consent.

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What Are Creditors’ Rights During Insolvency Proceedings?

Hudson Weir

Creditor hierarchy in a company liquidation The appointed insolvency practitioner must pay every creditor group in full before distributing funds to the next one.