Debt Recovery & Loan Restructuring
We are mindful of the ethical standards in debt collection.
This is founded on the fact that debt collection is a part of a continuing business relationship between the debtor and client. When a client guides us properly in protecting the most important aspect of a client’s business, which is his/her brand equity. As highly trained professionals, we are also mindful of the Data protection implication of handling the accounts assigned to us.
We also understand that by releasing an account to us for collection our clients also release their brand to us. Being conscious of this, we ensure that we protect one of the most important aspects of our client’s business which is their brand equity.
Our polite, persuasive, persistent but professional approach to debt collection produces better debt recovery results than the traditional strong-arm tactics Hence, our simple approach produces quicker payment from your debtors.
We subscribe to the ethical standards in debt collection and comprehend that debt collection is part of a continuing business relationship between the client and the debtor.
At Enyim Solicitors and Debt Recovery Services our goal is the same as yours, to negotiate and resolve disputes professionally and on time. We can cater for all Business to Business debt requirements and our practices are tailored to the debtor in question and all debtors are credit checked and vetted prior to action to establish the most appropriate and correct form of action to take.
We have sufficient experience and familiarity with the murky terrain of debt collection in Nigeria
At Enyim Solicitors we understand that each debt recovery situation is unique, and, in that regard, we develop a customized recovery strategy to recoup your money, upon a proper profiling of the debtor.
Our strategy may summarily be categorized into: Pre-litigation Strategy of recovery and the Litigation strategy of recovery.
Pre-litigation Strategy includes
- Calling at the debtor’s place of business/residence to make persistent, consistent and sometimes embarrassing demands for the debt sum
- Issuance of demand letters on debtors to create brand equity reputational damage that competitors may want to utilize.
- Acceptance of the issuance of post-dated chequesin respect of the indebted sum.
- Re-structuring repayment plans with debtors with Sterling Bank.
- Placing consistent telephone calls on debtors
Litigation strategy
In this regard, we employ the requisite Court process to ensure that the debts are ultimately recovered. The following methods have proven to be most effective:
- a) Recovery of Debts At the Small Claims Court:
The Small Claims Court (SCC) is an annex of the Magistrate Court of Lagos State which was set up in 2018 by the Chief Judge of Lagos State, to ensure a speedy and efficient recovery of monetary claims. Proceedings at the SCC are estimated to take One (1) to Three (3) months. The SCC may only be employed in respect of monetary claims in the sum N5, 000,000.00 (Five Million Naira) and below and limited only to debt recoveries within Lagos State.
b) Summary Judgement Procedure:
The Summary Judgment Procedure is a procedure employed at the State High Court, in respect of liquidated money demand which have been admitted by the debtor/obligor. This procedure comes in handy where the monetary claim involved is above the financial jurisdiction of the SCC. particularly for debt recoveries within Lagos State. For other States, SCC does not apply. Proceedings in this regard are estimated to take two (2) to Five (5) months. In this regard, we sue on the distribution agreement between the debtor and Sterling Bank
- c) Mareva Injunction Tool:
We obtain Marevain junctive orders against the traceable and known assets of the debtor company within jurisdiction.
- d) Facilitating the Prosecution Of the Debtor For Issuance Of Dud Cheque:
This has proved to be one of the effective ways of recovery. When we obtain post-dated cheques from debtors, and they get dishonored on the due date, we leverage on our relationship with the relevant prosecutorial agencies to ensure the prosecution of such debtor. Often times, the pressure that this creates on the debtor, quickens the payment of any outstanding debt by the debtor.