NSW - Debt Recovery

This article will show you how to:

 To create a new Debt Recovery matter, follow the steps below. 

  1. Click New Matter from the Home Screen.
  2. Select State: NSW.
  3. Select Matter Type: Debt Recovery.
  4. Select 'Next': 



  5. Enter the Creditor and Debtor party details.
    - See Adding Contacts for more information on adding contacts generally. 
  6. Select 'Debt Details' to enter the Claim Amount and calculate pre-judgment interest on this amount. This is also where you can enter the dates associated with obtaining judgment for this debt.
    - See How is Interest Calculated? (below) for details on the interest calculation.
  7. If/when your matter is ready to proceed to Court, select 'Case Details' to enter the Case Number, Registry, Division and/or List, and Court:



    - See Litigation - Entering the Court Details for further details on how to enter Courts.

  8. Once you have a judgment, select 'Enforcement Details' to enter the Judgment Amount and Judgment Date, and calculate post-judgment interest on the judgment debt.
  9. To add Uncommon Contacts to your matter, open the Matter Settings and select the appropriate contact from the Parties & Data available in your matter.
    For Debt Recovery (NSW), the available parties include Barrister, Legal Agent, Process Server, Garnishee, Previous Solicitor and Additional Contacts:


How is the Interest calculated?

Interest is calculated as:

Interest Total = [Rate] ÷ [Days in the relevant year] x [Days in the relevant period] x [Amount]

Accordingly, you must enter data for the Claim Amount/Judgment Amount, Interest Start Date and Interest End Date. The calculation is not rounded until the final result.

The default rates are the NSW Court Pre-Judgment Rate (for the pre-judgment interest calculation), and the NSW Court Post-Judgment Rate (for the post-judgment interest calculation). To use a rate other than the Court rates, select 'Use Special Interest Rate' and enter the per annum special interest rate:


 

Image result for light bulb emojiDon't forget to! ...

Subscribe to the Litigation Precedent Profile

You can subscribe to the Litigation Precedent Profile in your Smokeball Settings

- See Precedent Profiles for more information on subscribing to precedent profiles.

We have some new Debt Recovery precedents and forms available in the Smokeball Precedent Library, including automated UCPR Forms:

You can also 'Request a form' to have additional forms added to the Precedent Library!

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