At LCollect we believe that knowledge is power. Every month our debt collection blog gives you practical tips, stories and news from around Australia and the world.
It has been recently reported in the media that the sport scientist behind that Essendon AFL supplement program, Stephen Dank, has been declared bankrupt over a debt of almost $100,00 owing to a failed agribusiness.
A subsidiary of Bendigo and Adelaide Bank commenced the proceedings after a loan taken out in 2006 collapsed. It is alleged that Mr Dank ignored several deadlines to pay and was subsequently put under surveillance by agents in Melbourne and Sydney following attempts in which to serve Mr Dank with a Bankruptcy Notice. With a Bankruptcy Notice requiring personal service the Creditor incurred a significant amount in costs in surveillance and service fees with the Federal Circuit Court approving costs against Mr Dank of more than $12,000. You can read that article here.
While we will not cover the various methods of service required to serve legal documents in this blog we can report that the Institute of Mercantile Agents ("IMA"), the peak body of Australian debt collectors, have recently released a best practice guide for process serving which goes on to explain the "needs to be considered and addressed by those wanting to achieve best practice standards in the Process Serving Sector".
You can download a copy from our website via this link.