18. Enforcement of Money Judgments Flashcards
What is the annual interest rate of High Court judgments, from when does interest begin to accrue, and what is this interest in addition to?
8%, from the date of judgment, in addition to the any punitive interest the court may award on the value of the claim
What is the monetary threshold in County Court, under which interest will not be payable, and what is the exception to this?
£5,000, except for when the dispute is based in contract, and the contract provides for interest
What is the interest rate on County Court judgments above the £5,000 threshold?
8%, the same as the High Court
What is the lower limit for a County Court judgment to be enforceable in the High Court?
£600
Within what period must a judgment creditor (successful party) serve a court order on a judgment debtor (losing party), for a hearing to examine the debtors means and assets?
14 days
What must the judgment creditor also file 2 days before the hearing?
Affidavit providing details of service and how much remains unpaid
What is the lower limit for a High Court enforcement officer to enforce a High Court judgment?
£600
Who enforces County Court claims that remain in County Court?
County Court enforcement officers
What is a writ of control?
A document issued by the High Court where a judgment creditor has requested to execute a judgment, which is forwarded to the High Court enforcement officer
What is a warrant of control?
Basically the same as a writ of control, but in the County Court
If the creditor wishes to take control of debtor’s goods, how much notice must they give?
Seven days
If the creditor wishes to take control of debtor’s goods, within what period of serving must they do so?
12 months
Where only can the creditor’s agent enter, and what must they do regarding goods seized?
Can only enter the address stated, and must provide an inventory of the goods.
Then must sell them within 7 days and use the proceeds to discharge the debt and enforcement costs.
What two categories of items can the creditor not seize?
- Equipment for use in the debtor’s trade
- Household items necessary for basic domestic needs
What is a controlled goods agreement?
An agreement whereby the debtor retains custody of the goods on the understanding that the enforcement officer is taking control, but the debtor agrees not to dispose of them before the debt is paid