Levy

The act of seizing goods by an enforcement agent to satisfy a judgement debt. In modern usage, levy refers to the physical removal of goods from the debtor's premises following failure to pay or comply with a controlled goods agreement. It is the final stage before sale.

In practice

Levy typically occurs when a debtor has not paid during the compliance or enforcement stages and has either not entered into a controlled goods agreement or has breached one. The enforcement agent attends with transport and removes goods of sufficient value to satisfy the debt plus fees. Removed goods are stored securely pending sale, which cannot take place until at least seven clear days after removal.