Nigeria | What is the Legal Framework for Debt Collection in Nigeria? (2)
Creditors within Nigeria and outside have devised strategies for recovery of debts owned by Nigerian debtors.
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Creditors within Nigeria and outside have devised strategies for recovery of debts owned by Nigerian debtors.
There is no formalized or established institution in Nigeria that is saddled with the responsibility of collecting debts in Nigeria.
The Nigerian Supreme Court in AG ADAMAWA STATE & ORS vs. AG FEDERATION (2014) LPELR-23221(SC) defined debt as “any amount of money which is still owed after some payment has been made is what is called a balance.
Nigeria is a heterogenous society with a growing population of over 200Million and modified liberal legal frameworks that now allow foreign participations in the local businesses. The Bilateral trade volume between Nigeria and China has reached over $12.03 billion, this significantly places Nigeria as the number one trading partner to China in Africa. What factors that underpin the various procedures that allow Chinese the opportunity to participate in trade or business is what this exercise undertakes.
During the recognition-enforcement procedure, creditor has the right to demand interlocutory injunction from the authorized court, to seize and freeze the debtor’s movable and immovable assets.
There is a slight but important difference between enforcement of a domestic judgement and foreign judgement; foreign judgements needs to be evaluated by the court before the execution of the relevant judgement.
Yes, a creditor can claim enforcement of a foreign arbitral award against a debtor.
In principle, the respective District Court (“Landgericht”) has jurisdiction, since the dispute is worth more than EUR 5.000,00 in international commercial matters.
Yes, a creditor can claim enforcement of a foreign judgment against a debtor if the requirements given in the Turkish Enforcement Laws are met.
The most common reason is insolvency of the debtor.
The Turkish Bar Association and the local bar association to which the lawyer is a member annually publishes an attorney fees scale that covers several types of proceedings.
No, they don´t have to be necessarily physically present to bring the proceedings in a German Court of Law if an Attorney-at-Law represents them legally.
Unless otherwise agreed by the parties, the fees of the arbitrators shall be agreed between the arbitrator or the arbitral tribunal and the parties, taking into account the amount of the claim, the nature of the dispute and the duration of the arbitration proceedings.
Yes, it is the debtor who must pay all the costs that are involved with the debt collection, no matter whether it is an amicable debt collection or a state-run debt collection through a bailiff.
The most popular destination for arbitration in Turkey is Istanbul Arbitration Center ‘’ISTAC’’.
The debtor’s property may be disclosed by the bailiff as a state enforcement measure. In this case, the debtor must provide information about the available assets.
The main payment method for debt paying is by bank transfer.
The court fees are calculated according to the Act of Fees No.492 and the general communique based on the act.
According to the Turkish Commercial Code, and the Law on The Establishment, Duties and Authorities Of Court Of Judicial Jurisdiction And Regional Court, Turkish commercial courts have the jurisdiction over international commercial disputes.
The most common reason for an unsuccessful collection attempt is when the debtor has no asset at all, or transfers its assets to another third persons in order to avoid seizure.