Wednesday 21 February 2018

The magazine you don't want to be in

DR James Reilly will be listed in 'Stubbs Gazette' when the country's oldest magazine hits the shelves later this week because he has had a "judgment registered against him".

In simple terms, it means that the High Court has ordered the Health Minister to pay a debt, and that the people owed the money have subsequently gone back to court to say the debt has not been paid.

By registering the judgment they make sure that the fact that the debt is unpaid becomes widely publicised -- because all such cases are recorded and published in 'Stubbs'.

By no means all 'judgments' are registered. In cases where someone initially doesn't accept that a debt is owed but the High Court orders them to pay the cash, the order is enough to prompt payment.

That has not happened in the latest case involving Dr Reilly and on June 28 his creditors went through the motions of registering judgment.

The creditor has to alert the debtor in advance, giving them a chance to clear the debt.

In the past the biggest implication of a registered judgment was the embarrassment of being named in 'Stubbs Gazette'. But it also has implications for a debtor's ability to ever borrow in future.

Banks and other institutions that make business loans use 'Stubbs Gazette' to help them make decisions about who they should lend to. Even if the money is paid at some later date the public record will always show it was owed.

If the money is not paid the case moves to enforcement. That can range from calling the sheriff to seize valuable goods owned by the debtor or ultimately having them declared bankrupt and their assets sold off.

Irish Independent

Promoted Links

Today's news headlines, directly to your inbox every morning.

Promoted Links

Editor's Choice

Also in Irish News