Third-Party Debt Order

Attachment (Debt Recovery)
Attachment is a legal procedure that allows a creditor who has obtained a court judgment to secure payment from a debtor. This can include freezing money or property owed to the debtor by a third party and redirecting it to the creditor.
Garnishee Order (Third-Party Debt Order)
A Garnishee Order, now known as a Third-Party Debt Order, is a legal mechanism used to seize money directly from a debtor's bank account to satisfy a judgment debt.
Third-Party Debt Order
A legal order made by a judge allowing a creditor to claim money directly from a third party holding funds for a debtor, such as a bank, until the court authorizes its release to the creditor.

Accounting Terms Lexicon

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