CL T3 A1 Hoeben v Happy Mercury assets and income VIC 2023_03_06

.docx

School

Victoria University *

*We aren’t endorsed by this school

Course

2023

Subject

Law

Date

Apr 3, 2024

Type

docx

Pages

3

Uploaded by JudgeResolveSquid5

List of assets and income of Happy Mercury Festivals Asset/income Ownership Value Amount owing Advice on enforcement methods 1. Realty: office premises 24 Glen Street, Hamilton Vic 3300 (as shown on the Current Company Extract in the base file) Owned by debtor company Approx. $1.3 million Mortgage to HBVO Bank – approx. $800,000.00 owing Equity of $500,000 The court can issue a warrant to the seizure and sell property as per order 69 CCCPR. If Riley does not make any payment for the warrant amount, the county court can issue a warrant that authorise the sheriff to seize and sell Riley’s interest (the share he owns) in real estate so that the debt can be paid. After the property is sold the Sheriff will pay off all the loans that has been mortgaged for that real estate, council rates and ant other costs involved in the sale of the land and the sheriff’s costs to execute the sale. Once all relevant costs are made, Lesley’s claim is pay which includes legal costs and If there is any excess funds left it would be paid to Lesley.   2. Business bank account Acc. no. 1476 HBVO Bank In the name of the debtor company Balance $30,000.00 as per last month’s statement Attachment of debt ‘garnishee order’ – f2c8934ed1c60f65223f383248db3200e7c33df4.docx Page 1 of 3 © The College of Law Limited
Pursuant to CCCPR r 71.02 the court can order a person who owes Riley money to pay that money to Lesley directly. An attachment of debt as per o 71.03 can be made against the business bank account as it has savings. The bank would pay the balance of $30,000 directly to Lesley judgement claim. 3. Fixed term deposit Acc. no. 3476 HBVO Bank In the name of the debtor company Balance $25,000.00 as per last month’s statement Attachment of debt ‘garnishee order’ – An attachment of debt as per o 71.03 can be made against the fixed term account. The bank would pay the balance of $25,000 directly to Lesley judgement debt. 4. Motor vehicle BMW 2016 420d Luxury Line F32 Auto Europe Cars Finance Ltd $65,000.00 Under finance – balance owing $43,000.00 No enforcement method as the vehicle is under finance and does not belong to HMF. 5. Debt Balance of money from ticket sales of Ballina Blues Festival held 2 weeks ago Owed by National Ticket Sales 155 Smith Street, Victoria Owed to the debtor company $130,000.00 Attachment of debt ‘garnishee order’ – Lesley can apply to the court by summons of attachment of debt order for the ticket sales of Ballina Blues Festival held 2 weeks ago of $130,000 as it is a debt payable by a third person to Riley which can be
Your preview ends here
Eager to read complete document? Join bartleby learn and gain access to the full version
  • Access to all documents
  • Unlimited textbook solutions
  • 24/7 expert homework help