The Principle of Seizure of Assets in Debt Recovery

Extract

[...] Section The Seizure Order § The Principle All seized assets of the debtor must begin with movable goods and it is only in the event of insufficiency of the fruits of movable goods to cover the entirety of the claim that one pursues the seizure of immovable goods, hence the principle: 'Movable goods first, then immovables.' When there is nothing at the debtor's, the bailiff draws up a certificate of lack addressed to the court in order to obtain the immovable goods. § The Exception to the Principle It therefore intervenes in matters of security. In this matter therefore, the creditor is first required to realize the security before proceeding with any other seizure. Example: putting a house as collateral to obtain a loan in case of non-payment, the bank seizes the house and sells it first and it's when this money is not enough that it can seize something else. [...]

[...] § Exceptions to the principle of the seizure of the debtor's assets (Article 50). This provision refers to the law of each State party to the OHADA treaty. Insaisissabilité can result either from the nature of the asset and from the quality of the debtor. - The insaisissabilities in terms of the nature of the asset. At this level, there is a legal vacuum. It is the jurisprudence that tries to fill this legal vacuum. Goods of a personal nature cannot be the subject of seizure. [...]

[...] 2 types of seizure: movable seizure and immovable seizure. Before addressing the cases of movable seizures and immovable seizures in other files, we will first focus on the common rules applicable to all seizures. N.B. We will rely on the provisions of the unrevised and soon to be abrogated uniform act (AUPSRVE) which will therefore be in force in the member states of OHADA. The principle of seizure and the order of seizure Section The principle of the seizure of all the debtor's assets § The principle In accordance with Article 28 of the Uniform Act, all assets are seizable. [...]