Small Claims – Charging Orders
A charging order is an order issued by the court in favor of a plaintiff and directed at the defendant. The charging order, when issued, effectively bars the defendant from making a sale or any major transaction that will affect the state of their assets. They can therefore not get rid of their house, property, investments or assets without first settling your debt as the creditor in full.
This order therefore has placed a ‘charge’ on your debtor’s assets. However, you won’t receive your settlement until the debtors sell their assets. Therefore, through your leading legal advisors here at Singapore Debt Collection, you can petition the court to issue another order which forces the defendant to sell his assets. This order is known as an “Order for Sale”.
In effect, therefore, while you may not immediately get back money owed to you through the charging order, you safeguard your interests in future placing a freeze of the defendant’s transactions.
How to get the order
Through your legal representative here at Singapore Debt Collection, we will help you fill in the form N379, which is the specific form to request to have a charging order placed on a defendant. This is typically done after you receive a judgment from the Small Claims Tribunal or Civil Court in your favor.
Once the application is filed, the judge will go through and assess the legality and other merits of your claim, and afterwards decide whether or not to grant your petition for a charging order. Usually, there is a fee that goes with the application, but where the application is approved and a charging order is issued, you can add the fee to the amount due you by the debtor.
Charging orders can be issued for all creditors, whether or not your debt was secured, provided it has not been fully satisfied by a debtor. Prior to this, we can also help you sue the debtor for the amount if all other methods have been unsuccessful. This is commonly done through the Small Claims Tribunal, and we can help you bring forth a strong case that will ensure judgment in your favor.
As a debt recovery, credit management and financial legal service expert, Singapore Debt Collection has established a high reputation in all matters of Small Claims litigation and pursuit and implementation of charging orders.
Our services are available for individuals, small businesses as well as large corporations. Call us today to maximize your chances of securing a charging order against your debtors to safeguard your financial interests.