NV Lawyers
Level 1, 83 York Street
Sydney NSW 2000
Australia
Telephone +61 2 9384 0399
Facsimile +61 2 9299 4448 |
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What
to do if you have received
a letter of demand |
If you have received a letter of demand or notice of claim from
us do not delay. Please seek independent legal advice.
If the letter of demand is concerning a debt, the Law Society
has a helpful article you may like to review Law
Society Article on Debt. A notice of claim or letter of demand often
provides you with the last opportunity to make arrangements
for payment before the commencement of legal proceedings.
Once the legal proceedings have been commenced you may be
liable for additional filing fees, interest and legal costs
in the event that the claim is successful against you.
If you are served with proceedings you should, without delay,
seek independent legal advice. If you delay, you can irrevocably
prejudice your prospects of defending the claim or otherwise
incur unnecessary costs in the event that the matter proceeds
to a default judgement.
459E Notice:- If you are a corporation and have received
a 459E Notice, you must immediately consider how to respond.
If the debt, the subject of the Notice is not paid within
twenty one (21) days it becomes prima facie evidence of insolvency
and the creditor may move, without further notice, to wind
up the company. It is strongly advised that you ensure that
your registered office (whether it be a solicitor, accountant,
or a home address, or main office) has a process by which
the corporate correspondence can be clearly identified and
conveyed to senior management of your corporation to avoid
overlooking important correspondence such as this.
Section 57(2)(b) Notice:- This notice is a notice of default
under a Real Property Mortgage in New South Wales. There
are equivalent notices issued in most jurisdictions within
Australia and pursuant to Clause 80 of the Consumer Credit
Code. This notice generally provides to the Borrower an
opportunity, within thirty (30) days to remedy the loan default
or the Lender may thereafter proceed to commence proceedings
for possession and sale and/or payment of the debt.
Again, delays should not be entertained. Immediately seek
independent legal advice and assistance and certainly contact
the Mortgagee to ascertain whether or not there are terms
upon which they will delay the enforcement of the strict
legal terms of this mortgage.
Bankruptcy Notice:- If this has been personally served upon
you, you should immediately seek legal advice. Failure to
comply with a bankruptcy notice is grounds for an application,
by the creditor, for sequestration of your estate. Many options
are available, including debt agreements and other arrangements
with creditors.
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