Financial Recovery (Collections)
BOYNECLARKE's Financial Recovery Team, chaired by John S. Fitzpatrick, Q.C., represents chartered banks and other financial institutions for the collection of secured and unsecured retail debt. The Team also represents trustees in bankruptcy for matters pertaining to retail insolvency. BOYNECLARKE's experienced Team provides expeditious and cost-effective recovery.
Secured Debt
The Team realizes that a critical part of recovering secured debt is knowing when to enforce the security. This is particularly important in Nova Scotia where the recovery of a debt secured by a mortgage is governed by the common law of foreclosure as opposed to the power of sale process used in most other jurisdictions in Canada. The foreclosure process is court-supervised and costly.
Further consideration must be given to environmental concerns when foreclosing to avoid acquiring ownership of a potentially environmentally sensitive property.
In addition to enforcing secured debt over real property, the Team also enforces PPSA security over chattels. This recovery process is covered by the Personal Property Security Act.
Unsecured Debt
As noted, the Team also collects unsecured retail debt. This debt can relate to any number of debt instruments such as loans, credit cards, etc. This service can be provided on a contingency-fee basis (in the appropriate circumstance) or non-contingency fee basis, depending on the request of the creditor.
Team Composition
Because the foreclosure process is heavily supervised by the court, creditors require an experienced team of lawyers and paralegals. BOYNECLARKE's Senior Partner, John S. Fitzpatrick, Q.C., has 25 years of recovery experience and chairs the Team. As well, the Team is further staffed by the lawyers noted above and six paralegals. The paralegals have over 75 years combined experience.