When more than one creditor has a claim to a secured asset or is seeking to recover against assets or funds which appear to be available to satisfy a myriad of debt, it can create serious conflict amongst the creditors as they each claim priority over the others.
When there are such disputes, it is critical for the advisor to be very knowledgeable about the intricacies of the Personal Property Security Act (PPSA) and related legislation. It is necessary to assess the relative merits of the claims, including the creation of the debt, the formalities of filing the security interest and the order of registration among other factors. We have a proven track record of recovering assets for our clients despite the objections of other creditors.
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