Recovery of Debts

Recovery of debts refers to the legal process of obtaining payments owed by a borrower or debtor. When someone or a business borrows money and fails to repay it as agreed, creditors can use formal procedures—such as filing lawsuits, obtaining court orders, or taking control of assets—to secure the outstanding amount. The goal is to ensure that creditors can recover the money owed in a fair, lawful manner, reducing losses and maintaining financial stability. It involves clear steps dictated by law to resolve unpaid debts efficiently while protecting the rights of both parties.