G7 and Garnishee order: Difference between pages

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A court order that directs a person or entity who holds funds or assets for a debtor to withhold these from the debtor and release them to the debtor's creditor in order to pay off the debt.


Loosely, the G-7 is a group of 7 industrialised countries comprising Canada, France, Germany, Italy, Japan, the United Kingdom and the United States.   
For example, an order from a court forbidding a bank to release money that it holds in the account of one party (the debtor) for as long as that party owes money to a second party (the creditor).   


The European Union is also represented.
The second party obtains the garnishee order and the bank is the garnishee.
 
 
2.
 
More strictly, a meeting of the heads of government from those countries.
 
 
''Also known as the Group of Seven or 'G-7'.''




== See also ==
== See also ==
* [[G3]]
* [[Bad debts]]
* [[G5]]
* [[Lien]]
* [[G8]]
* [[Order]]
* [[G10]]
* [[G20]]
* [[G77]]
* [[NEF]]


[[Category:The_business_context]]
[[Category:The_business_context]]
[[Category:Compliance_and_audit]]
[[Category:Manage_risks]]

Latest revision as of 17:01, 10 March 2021

A court order that directs a person or entity who holds funds or assets for a debtor to withhold these from the debtor and release them to the debtor's creditor in order to pay off the debt.

For example, an order from a court forbidding a bank to release money that it holds in the account of one party (the debtor) for as long as that party owes money to a second party (the creditor).

The second party obtains the garnishee order and the bank is the garnishee.


See also