Mercantile agencies, who are often referred to as ‘Commercial Agencies’, are more commonly used by companies. Mercantile agencies act similar to credit rating agencies however, they only focus on the business side of evaluating credit worthiness of a company or individual and do not maintain consumer credit files. Mercantile agencies are commonly employed to act on behalf of companies regarding outstanding debts, breach of lease agreements, repossession orders and many other tasks. At times they may buy out the debt from those companies and will then pursue the debtor for a lesser amount than the original debt, in order to settle it sooner. Mercantile agencies are also used by the general public to carry out menial tasks that they are not legally allowed to do themselves, ie. Serve court documents.
There are four main participants in the Mercantile management sector. Collectors, Field agents/Process Servers, Investigators and Repossession Agents. To work as any of the above mentioned there is no particular career background to come from that will ensure you will succeed in these chosen fields.
A Collectors main role is to make demands for payment for overdue debts. This can be carried out in the form of verbal or written communication and in some cases the collector will physically need go to the debtors address to discuss the debt. A collector will seek to have the entire debt settled immediately, but in some cases where this is not possible, they can be given the power to enter into a payment arrangement with the debtor. Collectors from time to time may also be required to assist solicitors with court proceedings and will have to submit the information they have acquired whilst trying to settle a debt. A collector may use th...
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... in 1961, represents Mercantile Agents throughout Australia. IMA has its own code of practice, reference in report.
www.comlaw.gov.au – relevant information as follows:
· Corporations Act 2001 – C2013C00605, refers heavily to the running of business in a lawful manner. Includes sections on ASIC work lodgments/documents.
Volume 1, Part 1.2 Interpretation, Division 6A Security Interests.
51F Meaning of PPSA retention of title property, refers to lease agreements.
51D & E of above also relates to property possession and secured creditors right if the debt owing to the creditor is secured by a security interest.
· Corporations Regulations 2001 (made under Corporations Act 2001) – F2014C00242
Chapter 5D licensed Trustee companies, 5D.1.01A Companies who wish to represent and enforce these regulations must prescribe to the minister relevant to their state or territory.
The need for the law to recognise possessory and equitable interests in land under a system of registration of title is a contested issue in Australia. The term ‘title’ means the extent of ownership over property as recognised by the legal system. For the purpose of this essay, a system of registration of title means the Torrens title system. The protection of possessory and equitable interests in Western Australia will be discussed, with reference to the Torrens title system and real property. It will be argued that there is still a need for the law to recognise equitable interests in land, however, the Torrens framework does remove the need for the law for the law to recognise possessory interests, in particular the doctrine of adverse possession.
As a result, current CQC regulations have been renewed and came into force by the secretary of state. They contain definitions of the services and activities that those registered must provide. The clearly cover every aspect of all issues brought to the ...
To regulate insiders, professional sellers of securities, securities exchange, and other self-regulatory securities organizations (pg. 1140).
The trustees have reduced the organization to the extent necessary for the settlement of the bankruptcy. The loan portfolio in the Netherlands is not sold and therefore, all services of the bank have continued since the bankruptcy, except that the bank does not advise, close new contracts or initiate new loans, nor offer pay services. Company A currently loans more than €5 billion, of which €2 billion is securitized, to over 100.000 customers. There are still approximately 100 employees active for the bank. The interest repayments which Company A receives on the loan portfolio are used to pay costs and remittances to organizations who manages the securitizations and pledgees. What remains is be paid to creditors. To date, the trustees have paid out 74% to creditors. No additional distributors are expected for the coming five years. Each quarter, the trustees report on their activities. The trustees also publish an annual financial report each subsequent
Coordinated resolution efforts for merchant credit accounts with attorneys, asset-related landlords, auctioneers, and bankruptcy trustees (FCRA, FDCPA).
If they do not pay after the reminder is sent, it will highlight to Joanne any overdue amounts of that particular debtor, and she can immediately chase them up. Getting debtors to regularly pay will speed up her business’ cash flow. However, when Joanne is unable to get the money back from the debtor after this, Joanne will write the quantity off as a bad debt, as shown in … . To prevent bad debts from occurring, Joanne can establish a firm Credit Policy to protect her business’ cash. The Credit Policy must have the potential customer’s name, date of birth, employment, place of residence, credit history, clear payment terms and credit limits, and address non-payment and bad debts. These will allow Joanne to check if the customer is credit worthy, and also if she is checking the correct person. When she does this, Joanne can make sure she sells on credit to only customers who are likely to pay her back, and make sure her business’ cash flow is not too badly affected. Credit limits are important because they allow debtors to manage how much they can pay
What major technology change has had the greatest impact on the quality of your life?
Debt buyers deal is what is sometimes called "junk debt." In many cases, the unpaid account is years old, having gone through both an internal collections department and an external collection agency. In fact, the account may already have a judgment or lien. Regardless, it is considered junk debt because the original creditor exhausted their efforts and deemed the balance as uncollectable. The debt buyer then swoops in and buys the account for pennies on the dollar, often purchased bundled with others, hoping they will collect enough to make it worth their investment.
This is one of the most important ways and popular as well. The agency leaves no stones unturned collect the debt in the best way possible. And majority times, they are successful in their activity of collecting the debt from the debtors. So, the health care centers or doctors find it feasible to employ such agencies to bring out the money that had to be paid for clearing the medical bills and other payments.
On the other hand, the articles of association is part of the constitution of the company which consists of rules and regulations and internal arrangements; it is subsidiary to the memorandum. The memorandum may by special resolution undergo alteration if a provision in the memorandum could lawfully have been contained in its articles, unless the memorandum itself refuses the alteration. The articles may by special resolution undergo alteration subject to conditions in its memorandum (Chan, 2014). The memorandum must be filed with the registrar by all types of companies during the process of making the company, while a public company limited by shares need not file a separate set of articles during incorporation; it may choose to adopt Table A, the model set of articles. Acts done by a company ultra vires the memorandum are void and cannot be ratified by the shareholders (Kumar, 2012). The doctrine is a form of deterrence to the company and third parties dealing with entering a transaction not permitted in the memorandum (Chan, 2014). Acts done by a company ultra vires articles but inter vires the memorandum are simply irregular and not void, and can be ratified subsequently by the shareholders (Kumar, 2012). The alterations should not affect the third party as the articles do not confer with third parties’ rights (Chan,
The legal issue of constitution of trusts is very important, judicial decisions over the years on cases where trusts were not properly constituted indicates that constitution of trusts could be quite complex and must be very cautiously done by a property owner as a simple factor could make his trust void. An express trust is completely constituted either by effectively transferring property to trustees or by effectively declaring a trust. In case of personal property, the declaration of the trust may be put in writing; however, equity will not perfect an imperfect gift. It is only when the trust is constituted that it is binding on the settlor. The long-standing idea that equity will not perfect an imperfect gift can be traced back to the 19th century cases of Ellison v Ellison and Milroy v Lord , and was further emphasized in the 20th century in the case of Re Fry .
The Principle of Separate Corporate Personality The principle of separate corporate personality has been firmly established in the common law since the decision in the case of Salomon v Salomon & Co Ltd[1], whereby a corporation has a separate legal personality, rights and obligations totally distinct from those of its shareholders. Legislation and courts nevertheless sometimes "pierce the corporate veil" so as to hold the shareholders personally liable for the liabilities of the corporation. Courts may also "lift the corporate veil", in the conflict of laws in order to determine who actually controls the corporation, and thus to ascertain the corporation's true contacts, and closest and most real connection. Throughout the course of this assignment I will begin by explaining the concept of legal personality and describe the veil of incorporation. I will give examples of when the veil of incorporation can be lifted by the courts and statuary provisions such as s.24 CA 1985 and incorporate the varying views of judges as to when the veil can be lifted.
•Mahindra Finance goes about as an agent for different securities and helps its different clients for money related arranging which is the most prominent speculation pattern making up for lost
According to Corporation Act 2001 s124(1), it illustrates that ‘’A company has the legal capacity and powers of an individual both in and outside the jurisdiction” . As it were, company as a legal individual must be freely with all its capital contribution shall embrace liability for its legal actions and obligations of the company’s shareholders is limited to its investment to the company. This ‘separate legal entity’ principle was established in the case of Salomon v Salomon & Co Ltd [1987] as company was held to have conducted the business as a legal person and separate from its members. It demonstrated that the debt of company is belonged to the company but not to the shareholders. Shareholders have only right to participate in managing but not in sharing the company property. Besides ,the Macaura v Northern Assurance Co Ltd [1925] demonstrates that the distinction between the shareholders and company assets. It means that even Mr Macaura owned almost all the shares in the company, he had no insurable interest in the company’s asset. The other recent case is the Lee v Lee’s Air Farming Ltd [1961] which illustrates that the distinct legal entities between employee ad director allows Mr.Lee function in dual capacities. It resulted that the corporation can contract with the controlling member of the corporation.
The world of business has undergone radical and dramatic changes in the last decade changes that present extraordinary challenges for the contemporary manager. A manager is an organizational member who is responsible for planning, organizing, leading, and controlling the activities of the organization so that the goals can be achieved. According to a widely referenced study by Henry Mintzberg, managers serve three primary roles: interpersonal, informational, and decision-making. Management is process of administrating and coordinating resources effectively and efficiently in an effort to achieve the goals of the organization.