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No asset Procedure (Essay Sample)


An explanation of What the no asset procedure is about.

* No asset procedure.
This is an alternative to bankruptcy. This procedure seeks to shield a debtor from creditors, thereby granting them a chance to rebuild themselves financially without the eventuality of being declared bankrupt.
This procedure guarantees that most of the unsecured debts are set off, this procedure will usually last for a period not exceeding one year.
* Dexter should make an application to the district courts, providing all the necessary information and filling all the forms as prescribed by law. He should also furnish the court with as much information about the debtor and their property.
He should then proceed to make applications to the Court for each step of the enforcement process, ensuring he keeps copies of judgement and orders issued against the debtor.
* Without prejudice offer.
This is a statement made with reservations. It cannot be interpreted to be an admission of guilt and cannot be used in any future litigation matter or have any legal bearing in a case in a court of law.
* Distress warrant: this warrant allows the courts bailiff to visit the address given to them by a creditor to collect any amount of money on their behalf. Failure to pay the required amount leads to attachment of the debtors property in a bid to recover the outstanding debt
Attachment order: Attachment is the legal process of seizing a debtor’s property in order to enforce a judgement against them for the sum of a particular amount. Therefore the attachment order is the directive by the court to proceed with the process of seizure.
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