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.
Q&A GLOBAL
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Nigeria | What is the Legal Framework for Debt Collection in Nigeria?(1)
There is no formalized or established institution in Nigeria that is saddled with the responsibility of collecting debts in Nigeria.
Nigeria | What is ‘Debt’ under Nigerian Law?
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.
Procedures of economic participation in Nigeria by Chinese Nationals
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.
Turkey | What Measures Can a Creditor Take if the Debtor Does Not Enforce the Judgment?
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.
Turkey | Are the Proceedings for the Enforcement of Foreign Judgments the Same as Those for Domestic Judgments?
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.
Turkey | Can a Creditor Claim Enforcement of a Foreign Arbitral Award Against a Debtor?
Yes, a creditor can claim enforcement of a foreign arbitral award against a debtor.
Germany | Which Courts Usually Have Jurisdiction Over International Commercial Disputes?
In principle, the respective District Court (“Landgericht”) has jurisdiction, since the dispute is worth more than EUR 5.000,00 in international commercial matters.
Turkey | Can a Creditor Claim Enforcement of a Foreign Judgment Against a Debtor?
Yes, a creditor can claim enforcement of a foreign judgment against a debtor if the requirements given in the Turkish Enforcement Laws are met.
Germany | What Are the Common Reasons for Unsuccessful Debt Collection Attempts?
The most common reason is insolvency of the debtor.
Turkey | How Are Local Lawyers Who Provide Legal Services in International Commercial Disputes Usually Charged?
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.
Germany | Do Foreign Creditors Need to Be Physically Present in Person To Bring Proceedings Locally?
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.
Turkey | How Are the Arbitration Fees Charged by These Arbitral Institutions Usually Priced?
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.
Germany | Can the Creditor Claim From the Debtor for Costs of Debt Collection?
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.
Turkey | What Are the Major Local Arbitral Institutions That Deal With International Commercial Disputes?
The most popular destination for arbitration in Turkey is Istanbul Arbitration Center ‘’ISTAC’’.
Germany | What Property Traces of the Debtor Are Available to Creditors?
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.
Germany | What Is the (Main) Payment Method for Debtors to Pay Their Debts?
The main payment method for debt paying is by bank transfer.
Turkey | How Are Court Fees Usually Priced?
The court fees are calculated according to the Act of Fees No.492 and the general communique based on the act.
Turkey | Which Courts Usually Have Jurisdiction Over International Commercial Disputes? How Many Times of Appeals Are Allowed in Turkey?
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.
Turkey | What Are the Common Reasons for Unsuccessful Debt Collection Attempts in Turkey?
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.