Hi just a question to ask: is a charter vessel considered a tool of trade? Eg, tool [noun] from Merriam-Webster] something [ as a instrument or apparatus ] used in the performing an operation or necessary in the practice of a vocation or profession eg [ a scholars books are his tools of trade. From dictionary.com, tool is the machine itself anything used as a means of accomplishing a task or purpose. therefore the question is can a bailiff seize a charter vessel to sell. I am sure tools of trade of owner/operator are not to be seized by debt collectors. Therefore, to seize a vessel would be against the law and above his authority. Is this right or not?
QLD Debt Collectors - Is Charter Vessel a 'Tool of Trade' for Bailiff Seizure?
- Thread starter mark kay
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Is the action against you or a company you own? Tools of trade exemption cannot be claimed by a company.
Is the vessel in your name or a company name?
Someone with more knowledge than me needs to comment here. The original intention of limiting the goods sheriffs can take was to prevent people from become destitute and unable to earn a living (and therefore unable to pay back debts). There is a limit on what can be seized as tools of trade. Think the limit is only $3-4K. Suspect your vessel is worth more that. There may be some other kind of exemption for primary means of earning a living but not sure.
Is the vessel in your name or a company name?
Someone with more knowledge than me needs to comment here. The original intention of limiting the goods sheriffs can take was to prevent people from become destitute and unable to earn a living (and therefore unable to pay back debts). There is a limit on what can be seized as tools of trade. Think the limit is only $3-4K. Suspect your vessel is worth more that. There may be some other kind of exemption for primary means of earning a living but not sure.
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