Lost arbitration, can I pay in stages ?

I

iwsf

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I recently lost an arbitration and now facing a 15 000 Euros bill.

I cannot afford to pay this amount at once, a monthly payment of 200 or 300 euros is all i can afford. I just wanted to know if this is resonable to pay this amount every months or if i have no choices but pay all in full. I would have to organize finances off course. The other side will most likely refuse this monthly payment so wondering what their options are.

Thank you in advance for your help.
 
Did the arbitrator not rule/advise on how the settlement should/could be made? Did you have any legal advice/representation? If you did then can the solicitor not advise? Perhaps you can negotiate directly with the party awarded the €15K?
 
Thanks Clubman
The arbitrator did not mention anything about how we should pay.
We had our solicitor but would like a second opinion if possible.
As to negociate, this is not an option unfortunatly.
 
It is a long long story.
I do trust our solicitor but feel we are not receiving the best possible advises. I might be wrong though. This is why i would like to know others experiences. Surely the law must be black and white about this :)
 
to me too after reading it again :eek:
In short , we had so many problems for so long that i prefer to have a secoind opinion.
So if there is somebody that can help, great and thank you in advance.
 
iwsf said:
Surely the law must be black and white about this :)
Click to expand...
[broken link removed]
Arbitration: Both parties involved in the dispute agree to go to an arbitrator to resolve issues. The decision of the arbitrator is legally binding and the process is governed by laws (Arbitration Acts 1954–1998). You can represent yourself but you may benefit from legal representation if a dispute is taken to an arbitrator.
Click to expand...
IrishStatuteBook.ie - Arbitration (International Commercial) Act, 1998
 
An arbitration award has, for all practical purposes, the same effect as a judgment. If someone has a judgment against you for €15k, and you don't have the ready cash to pay it, then they have various avenues open to enforce the judgment.

Google "debt collection" in Ireland and you will find numerous sites which detail the debt collection process, including the enforcement options.
 
You have to pay the award, unless you think you have grounds for upsetting it in the High Court.

You can try either by yourself or through your solicitor to work out some phased payment plan.
 
Can I ask what the arbitration case was over if not too personal as currently considering this for a case against property developer
 
Hi Foxylady,
the case was over a building contract that was broken by the builder.
He broke it, we lost !
 
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