Debt Recovery & Litigation – Working with Creditors and Debtors, By De Cotta Law

Filed under : Civil Law, Commercial Law, Financial Planning, Insolvency

Succeeding
in getting a judgement in your favour in the Spanish or English courts is often
the first step in recovering a debt or claiming compensation. However whether
you will be able to actually obtain the money that is owed to you depends on
carrying out proper searches and obtaining embargoes or charges to protect the
assets while the claim is proceeding.

If you are
owed money by a developer or company or as a result of a private loan it is
best to search for property and assets immediately. Property searches can be
done and in some cases information can also be obtained about cars, boats etc.
Information on bank accounts can only be obtained once you have a judgement as
it is only the courts who can make these orders.

De Cotta Law - Getting through the red tape in Spain

In England a search can be by postcode only but in Spain it is
necessary to search under named individuals or by Finca (Property) number.
Equally finding out where the debtor works or lives can be relevant. For
example a child maintenance debt can be charged against salary on the basis
that the welfare of children is paramount.

Once a
professional firm or agent has found property in the name of the debtor a
request can be made to the court to embargo or charge the property so that it
cannot be sold while the debt is proved and or repaid. Often it is best to do
this before formally notifying the debtor to avoid them selling or transferring
the asset. In Spain
the next step is to send a burofax or notification of your claim and ask for
immediate settlement.

De Cotta Law Court Services in Spain

If a charge
against the property is obtained and you win the case you can seek enforcement
against the assets which means you can ask the court to auction property to
recover your debt. The time this takes will vary depending on the speed of the
local courts. However although costs and fees will have to be paid before you
get recovery and the whole proceeding may take a considerable time it is often
the only course of action open to someone who is owed money.

For more information on recovering debt in Spain contact De Cotta Law
on:

Tel.: +34 952 527 014
Fax: +34 952 523 428

Email: nerja@decottalaw.net

Nerja Office:
Calle Diputación 11
29780 Nerja