In these difficult economic times, now more than ever, companies seem to be defaulting on their financial responsibilities.
The term “prejudgment remedies” covers a range of processes that can be invoked against an opponent before the claims and defenses raised by the parties are finally determined by a court.
Possible prejudgment remedies may include:
• Prejudgment Attachment;
• Writ of replevin;
• Prejudgment garnishment of bank accounts or other property; and
• Temporary restraining order prohibiting the transfer or concealment of assets.
As a creditor, prejudgment remedies are options you have for maximizing the chances of recouping some of the money that is owed to you. These remedies are often used in instances where there is a danger that the debtor will not have the money or property by the time a final Judgment is rendered. Because prejudgment remedies indicate to the debtor that you are serious about collecting what is owed, the dispute may be resolved quickly in many instances.
Your primary benefits are pressure and priority. If you are a creditor and are concerned about being diluted by other creditor’s claims, a prejudgment remedy is a way to put your interests ahead of others in the pecking order. Certain prejudgment remedies can freeze the debtor’s assets until there is a Judgment.
MLG, understands the full range of options to secure legitimate commercial claims against assets and we will endeavor to help you realize the value of a Judgment.
To learn whether prejudgment attachment or other remedies against assets makes practical sense in your situation, contact MLG . We are here to provide the necessary assistance for a successful resolution of your dispute.