ING Privalis Services

Lawyers third-party accounts

The Lawyer third-party account is a must-have for every lawyer. This is the account on which you receive funds from customers or third parties to pass on to other parties. It allows you to make a clear distinction between your own assets and third-party funds.

Debt negotiation account

The lawyer acting as mediator collects the income of the person who has debt problems. This allows you to distribute the income between the various creditors and the debtor.

Bankruptcy account

The bankruptcy account is a sub-account for the receiver to deposit all recovered funds from a bankruptcy. The money remains on this account until it is distributed among the creditors.

Consignment account

A consignment or escrow account is opened in the name of 2 or more lawyers representing their respective customers involved in litigation with each other. The funds are temporarily deposited into this account pending the court's decision. After the decision the funds are allocated to one of the parties or distributed among the parties.

Case account

A case account is opened at the request of a lawyer during an on-going court case for the purpose of depositing funds in relation to the case in question.

An account under management is an account opened on behalf of a person whose affairs are placed under provisional administration by court order. The designated provisional administrator applies for the account to be opened.

Several variations are available, satisfying every need you may encounter: the current account under management, your “day-to-day” current account, savings accounts under management (offering a high base rate or generous fidelity premium), the invest account under management (to which you can link a securities portfolio in the event the person in interim receivership owns securities).

Read more about the CRS regulation

Contact your Business Developer Privalis Services for more information.