BANKRUPTCY: A TOOL FOR DEBT RECOVERY
Bankruptcy is the situation where a person is adjudged as unable to pay his/her debt and the judicial procedure by which such debts are repaid by way of supervised reorganization or liquidation for the benefit of creditors. In developed climes, Bankruptcy is a serious matter as the debtor will have to give up all assets owned by him; it will also involve the foreclosure of any business run by the debtor and same would be shared between the creditors. Bankruptcy in Nigeria Bankruptcy in Nigeria is governed by the Bankruptcy [...]
