Debt Recovery
/ˈdɛt rɪˌkʌvəri/
Definitions
- (n.) The legal process by which a creditor enforces the collection of money owed by a debtor.
The company initiated debt recovery proceedings to reclaim the outstanding loan.
- (n.) The act or process of obtaining payment of a debt through negotiation, settlement, or court enforcement.
Debt recovery can involve both litigation and out-of-court settlements.
Related terms
See also
Commentary
Debt recovery typically involves a range of legal remedies including court judgments, garnishment, or asset seizure; clarity in agreements and documentation facilitates effective recovery.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.