41 min
EP010 - Daniel Wignall -Body Corporate debt recovery-Procedures, tips and steps to successful action LetsTalkStrata
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- Business
Body Corporate debt recovery - Procedures, tips and steps to successful action
An instructive look at debt recovery from the Body Corporate and lawyer’s perspective, and how to manage such processes with Daniel Wignall, Principal Lawyer at Macpherson Kelley
Daniel discusses the difficulties and challenges in a Body Corporate recovering outstanding debts, amidst the Body Corporate’s obligation and limitation periods for such recoveries. Daniel provides recommendations on the committee action in initiating a ‘prescribed proceeding” for debt recovery, including the best practice in formulating the necessary committee approval (VOC). Daniel advocates for specific and detailed committee motions in approving debt recovery processes, stating:
“I think it’s important to keep it specific because it all depends on the amount of the claim, and to keep lawyers in check and always reporting back to their clients. I think, if it gets to a point where it’s not commercial, committees need to understand that and need to be told that … so causing the lawyer to go back to the committee all the time on big decisions of cost is important, and therefore the VOC should be quite specific on what those instructions are.”
Daniel delves into best practices and intricacies of the following:
- The effect that the quantum of the debt has on the optimum method to pursue debt recovery;
- The process of debt recovery explained;
- Why lot owners do not pay levies and why it is imperative that a Body Corporate recover such debts;
- The benefits of lawyers billing debt recovery actions on the basis of a scale of costs, particularly when arguing the “reasonableness” of recovering such incurred costs;
- The importance of levies on how not paying levies impacts the Body Corporate;
- The need for reasonableness of payment plans from lot owners;
- Self-represented parties and the implications of dealing with such debtors;
- Debt recovery enforcement options against individuals and corporate entities;
- Financiers and debt recovery;
- The importance of proper communication between the Body Corporate/Lawyer and the lot owner debtor;
- The role of the Body Corporate Manager in debt recovery, associated due diligence action and best practices to be undertaken;
- The conveyancer’s role in debt recovery; and
- Future directions in Body Corporate debt recovery including cost implications in nuisance applications.
Daniel’s contact details:
Daniel Wignall
Principal Lawyer - Litigation and Dispute Resolution, QLD
MK Lawyers
P: +61 7 3235 0460
E: daniel.wignall@mk.com.au
Profile: https://mk.com.au/our-people/daniel-wignall/
Body Corporate debt recovery - Procedures, tips and steps to successful action
An instructive look at debt recovery from the Body Corporate and lawyer’s perspective, and how to manage such processes with Daniel Wignall, Principal Lawyer at Macpherson Kelley
Daniel discusses the difficulties and challenges in a Body Corporate recovering outstanding debts, amidst the Body Corporate’s obligation and limitation periods for such recoveries. Daniel provides recommendations on the committee action in initiating a ‘prescribed proceeding” for debt recovery, including the best practice in formulating the necessary committee approval (VOC). Daniel advocates for specific and detailed committee motions in approving debt recovery processes, stating:
“I think it’s important to keep it specific because it all depends on the amount of the claim, and to keep lawyers in check and always reporting back to their clients. I think, if it gets to a point where it’s not commercial, committees need to understand that and need to be told that … so causing the lawyer to go back to the committee all the time on big decisions of cost is important, and therefore the VOC should be quite specific on what those instructions are.”
Daniel delves into best practices and intricacies of the following:
- The effect that the quantum of the debt has on the optimum method to pursue debt recovery;
- The process of debt recovery explained;
- Why lot owners do not pay levies and why it is imperative that a Body Corporate recover such debts;
- The benefits of lawyers billing debt recovery actions on the basis of a scale of costs, particularly when arguing the “reasonableness” of recovering such incurred costs;
- The importance of levies on how not paying levies impacts the Body Corporate;
- The need for reasonableness of payment plans from lot owners;
- Self-represented parties and the implications of dealing with such debtors;
- Debt recovery enforcement options against individuals and corporate entities;
- Financiers and debt recovery;
- The importance of proper communication between the Body Corporate/Lawyer and the lot owner debtor;
- The role of the Body Corporate Manager in debt recovery, associated due diligence action and best practices to be undertaken;
- The conveyancer’s role in debt recovery; and
- Future directions in Body Corporate debt recovery including cost implications in nuisance applications.
Daniel’s contact details:
Daniel Wignall
Principal Lawyer - Litigation and Dispute Resolution, QLD
MK Lawyers
P: +61 7 3235 0460
E: daniel.wignall@mk.com.au
Profile: https://mk.com.au/our-people/daniel-wignall/
41 min