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Often neglected by businesses and people alike who apprehend its legal costs, the judicial application for sums owing on accounts remains an effective, simple and relatively inexpensive way to have a Court of justice acknowledge the validity of a monetary claim.
Normally based on an invoice or an acknowledgement of debt, the incentive to undertake a judicial application for sums owing on accounts is that it leads, if successful, to an enforceable judgment with legal consequences expanding over a 10 year period. In most cases, interests on the debt and the additional indemnity (if applicable) will continue to accrue over such period. In addition, if the monetary claim is judicially granted, various legal means will then be available to enforce the execution of the judgment (often by way of seizure of the debtor's assets in particular) the costs of which are to be borne by the debtor.