Debt Recovery is the process of collecting outstanding debts from individuals, businesses, or organizations through negotiation, reminders, legal action, or debt collection agencies.
Debt recovery mechanisms include:
1. Letters of demand
2. Court judgments
3. Garnishee orders
4. Asset seizure
5. Debt collection agencies
6. Mediation/arbitration
7. Insolvency/bankruptcy proceedings
Court Procedures
Court procedures for debt recovery:
1. Filing a lawsuit
2. Serving summons
3. Default judgment
4. Trial
5. Judgment execution (garnishee, asset seizure)
6. Appeals
Enforcement of Judgments
1. Garnishee orders
2. Asset seizure/attachment
3. Sale of property
4. Installment payments
5. Contempt proceedings
6. International enforcement (foreign judgments)
Garnishee Proceedings, we shall stop here today and continue tomorrow.
