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Title
BANKRUPTCY IN NIGERIA SOCIO-LEGAL CONSTRAINTS |
Full text
http://dspace.unijos.edu.ng/handle/10485/232 |
Date
1998 |
Author(s)
Oke, G. D. |
Abstract
CURRENT JOS LAW JOURNAL - The empirical notion that human wants are insatiable shows that borrowing and lending are reasonably incidental to economic developments. A loan may be granted with or without interest or security.' The borrower is to look for his lender to repay the loan on or before the agreed period except that a customer must go to his bank to ask for his money when the banker is presumed to be the debtor. 2 Where a person owes other person simultaneously which he could not pay as at when due, socially, he could be regarded a chronic debtor and would not be given a pride of place to function in both social and traditional circles. He might be compelled to pledge his property or any of his relations, 3 or might have recourse to selling his other assets to liquidate his debts to some extent. All the aforementioned instances may be likened to mortgage, composition with creditors or scheme of arrangement in bankruptcy but will not create legal disability as in bankruptcy. The received English Law has modified the issue of securities for advances, time limit for the enforcement of debts, redemption of securities, foreclosure, or declaring a debtor bankrupt under the general law if the debtor becomes insolvent or he is unable to pay his debt. 4 A creditor has a right of action in order to foreclose a mortgage 5 as a secured creditor, garnishee proceedings 6 or bankruptcy proceedings. The latter seems not to have received judicial attention in Nigeria because of some socio-political or extra legal factors where the creditors are bankers and other financial institutions. |
Subject(s)
bankruptcy; liquidate |
Language
en |
Relation
VOL 4 NO 4;CJLJ 1998 |
Type of publication
Article |
Repository
Jos - University of Jos
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Added to C-A: 2017-01-25;09:46:37 |
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