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Alberta bankruptcy Q&A forum

Question:

 

How long does it take for a bank / lease company to obtain a seizure order and execute it?


From:

 

Grant Thornton Limited

Date:

 

Apr 19, 2016

Answer:

 

Hi Roland, A finance company for a vehicle can send a bailiff to seize the asset once the terms of the contract have been breached. Typically, the bank will seize after three missed payments. In my experience the time frame varies depending on the assets, amount outstanding, lateness of payments and location of the borrower. Hope that answers your concern.

Susan Methuen
T 403-310-8888
susan.methuen@ca.gt.com

 

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