Debt Recovery Process

Description

As economies battle variegated micro, macro economic head winds like cultural and social malaise like corruption, nepotism, gender exclusivism, political authoritarianism, so the causes of debt failure/default are different. This paper analyses the histology of debt recovery, causes of loan default and the pandemic of debt recovery. An attempt has been made to analyse the use of Asset Management Corporation (AMCON) as major debt collector in Nigeria. Receivership is an enforcement procedure devised by law to ensure that security used for a facility is realised by the creditors. The global meltdown and recession coupled with general political, economic mismanagement have resulted in sub optimal performance of many companies, corporate collapses and also increased defaults in loan servicing especially foreign exchange denominated loan agreements.