Secured/Unsecured Creditors and Mortgage Recoveries

We have a wealth of experience acting for insolvency practitioners, lenders, directors, corporates, insurers and creditors in a range of complex insolvency scenarios. We also provide services for all aspects of mortgage recovery, from the service of notices to the recovery of possessions.

What is a creditor?

A creditor is be a bank, supplier or person that has provided credit to a company. In other words, a company owes money to its creditors.

Generally, there are two types of creditor:

  • Secured
  • Unsecured

A secured creditor is a person or entity that takes collateral or a ‘charge’ (like a mortgage) over some or all of a company’s assets in order to secure a debt. Lenders usually require a charge over company assets when they provide a loan. When it comes to personal finance, the most well-known secured creditors are mortgage lenders, whose loans are secured either by a first or second lien on a property.

An unsecured creditor is a person or entity who lends money without obtaining specified assets as collateral. Unsecured creditors have nothing to fall back on if the borrower is unable to pay their debts.

Mortgage Recovery

Our mortgage recovery team has years of experience and an in-depth knowledge of the mortgage industry. We are frequently retained by lenders to rectify mortgage recovery matters with our timely, efficient and cost-effective approach to dispute resolution.

In acting for lenders, we regularly:

  • Issue statutory notices to defaulting mortgagees
  • Enforce loan agreements and guarantees
  • Secure mortgage recoveries
  • Advise on dealing with insolvent debtors
  • Draft agreements for a range of recovery procedures
  • Advise on various agreements including lender accreditation agreements
  • Initiate proceedings for possession
  • Contest defended mortgage recovery actions
  • Respond to allegations of unconscionable conduct
  • Investigate fraudulent borrowing
  • Advise on potential mortgagee sales that are likely to result in a recovery shortfall
  • Act on the discharge of mortgages
  • Act on the sales of security properties
  • Advise on compliance issues and respond to claims under legislation including the ASIC Act, Contracts Review Act, National Consumer Credit Code and Australian Consumer Law

In order to provide the most effective mortgage recovery services possible, we know that understanding your needs, objectives and business is essential.

Our legal solutions are innovative and effective. We pride ourselves on our ethical, friendly, accessible and client-friendly approach to law.

Contact us for more information.