Sequestration or seizure is the act of removing, seizing, separating or withholding some possession from it’s owner until the dispute regarding the possession is resolved. It is mostly carried out for the benefit of the creditors or the state.
What does sequestration law involve?
Sequestration has many applications such as
- Seizing of a car for which two parties are fighting over and each one threatens to destroy the car;
- Seizing of debts owed to its owner due to the power of the opposing party or fear of it stealing and evading with the money;
- Taking over of a bankrupt’s estate if he/she is unable to pay off debts by other means;
Although most sequestration law cases are national in Belgium, it may also include international sequestrations.
For instance, a government may seize a property if it fears damage or exploitation by third party or simple because it is beneficial to the state (for e.g., area or land surrounding national heritage sites).
In a judicial proceeding, the court may order the seizing of the property (sequestration) for a definite or an indefinite period of time depending on the case. For instance, seizing of a property pending a decision by the court as to find the rightful owner of the property.
A sequestration lawyer in Belgium can ensure that your case is represented in the best possible means and your estate is not withheld unjustly. After all for both creditors and debtors it is extremely important that rules exist concerning seizure and the way this can be performed.
Basically, seizure law is subdivided into two categories:
– The rules on precautionary seizure:
These rules determine the cases and the way in which seizure can be performed for both moveable property and real estate, pending the decision on the case. After all it is often very important for creditors to prevent the debtor from becoming insolvent whilst waiting for the court’s decision.
– The rules on executory seizure:
These rules concern the creditor’s ability to seize the debtor’s moveable property or real estate after the judgement has been issued.
These two categories of seizure procedures are further subdivided, according to what is being seized.
How can we help?
In most cases, the purpose of sequestration is preservation or safety of the property/estate until the decision is held by the court. Consequently, the court may then return the sequestered property if a bond is posted that the property or indemnification will be returned to its rightful owner. However, parties may back off on their bonds in some cases or return damaged properties after the court have returned them to be handed over to their rightful owners.
The procedures for each type of sequestration case will differ depending on the type of the estate/property and/or debt amounts/money, moveable property (such as cars, bikes, safes etc). Sequestration law also determines all the rules regarding penalties.
These penalties are an effective means to compel a party to comply with an obligation to do something or not to do something, which is imposed by the court.
Whatever the seizure issue, our sequestration lawyers in Belgium ensure that your rights are guaranteed in the court during the sequestration proceedings.