Adding in Assets and their Secured Debt

This article details how to add in an Asset, add a Secured Debt, then how to link the Secured Debt to the Asset.

To add in Assets proceed to the Financials, Assets tab within the Job:

To add Cash at Bank or Cash on Hand see Adding Debtor controlled Cash at Bank/Hand as an asset for an SOA. Otherwise proceed to Add Asset (Top right) and select the Asset Class from the drop down list:

Select the Asset Class, then select New Asset:

Proceed to enter in the details for the asset into the relevant fields. In this example a Vehicle:

Date Acquired is the date the debtor purchased or acquired the asset

Description may be used to describe the asset, with a vehicle this for example could be year, make, model, registration.

Ensure that the SOA Asset tick is selected (Bottom Left).

Once complete you can select Save and New to add another asset or Save and Exit to finalise.

This asset will now be displayed on the register

If you double click on the asset line you will now fine that it has processes for commence realisation if required.

If you need to add a secured creditor you may do so by selecting the blue hyperlink , click here to view or configure. You can then select ranking, if there are multiple securities on this asset, or just select first ranked. It will allow you to select an existing secured creditor or add a new one.

There are multiple ways to link a secured creditor to their asset. The recommended workflow is to enter all assets first, then separately all secured creditors and link each asset to each secured debt. This workflow would not make use of the hyperlink and instead mean to proceed to creating a secured creditor.

When in a the secured creditor you would select New Security:

Then complete the security Type, Date of charge taken, any description (such as loan terms), and then move the asset over by highlighting and using the > button. Then save and exit.

The asset will now show, and will use the figures to calculate any potential unsecured claim:

The unsecured claim will automatically appear in your unsecured debts without a claim submitted. It will not be included in any dividends or other calculations unless there is a claim and admitted debt:

You have now created a Asset with a Secured Debt.