QLD Any High Court Rules Regarding Debt Settlement?

Discussion in 'Debt and Bankruptcy Law Forum' started by F.Bowen, 3 December 2019 at 3:10 PM.

  1. F.Bowen

    F.Bowen Active Member

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    Hi,

    Could anyone please direct me to where I can find specific rules regarding legal procedures for debt settlements? Possibly involving the wording incorporeal property?
     
  2. Rob Legat - SBPL

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    Can we get a little more information about what you're after? Your topic is very broad and I don't think you're actually after the High Court Rules (as in the procedures by which the High Court conducts its proceedings). If you can succinctly explain your factual scenario that would be helpful.
     
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  3. F.Bowen

    F.Bowen Active Member

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    Thankyou, I'm investigating the use of promissary notes for debt payment arrangement.
     
  4. Tim W

    Tim W Lawyer
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    Have you been offered one, or are you proposing to offer one?; or
    Is it in the context of a question of bankruptcy, or of insolvency?; or
    Are you just trying to re-negotiate the terms of paying a debt?

    Which side of the proposal are you on?
     
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  5. F.Bowen

    F.Bowen Active Member

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    Thankyou, looking to renegotiate terms. I am the one who owes the money.
     
  6. Rob Legat - SBPL

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    So, reading between the lines, you want to use post-dated cheques for making payments on a debt? Cheques are a form of promissory note.

    Otherwise, it's basically an 'IOU'.

    Giving a post-dated cheque is legal under the Cheques Act 1986 (Cth), and a post-dated cheque is not invalid merely because it is post dated.

    Whether it's acceptable to the person to whom you owe the money is another question entirely. There's no requirement for them to accept a promissory note, and they're no guarantee of payment.
     
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  7. F.Bowen

    F.Bowen Active Member

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  8. F.Bowen

    F.Bowen Active Member

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    Actually, no, that's not what I wanted to do and I thought under the bills of exchange act a promissary note was a valid agreement.
     
  9. Rob Legat - SBPL

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    A promissory note is a valid agreement as such (but, it is complicated). However, that doesn't mean that the other party needs to accept it.

    Perhaps if you could provide a factual scenario of the way in which you intend to use a promissory note we might be able to give more assistance.
     
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  10. Tim W

    Tim W Lawyer
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    I agree with @Rob Legat - SBPL.

    Perhaps you could tell us on what basis you think (or hope)
    that promissary notes are

    (i) worth anything more than whatever you (may have) signed (or agreed to verbally) earlier; and
    (ii) potentially acceptable to your creditor; and
    (ii) the appropriate solution regardless, given that if you had the capacity to pay,
    that you'd being paying now anyway.
     
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