Overdue debts arise from non-liquidation of loan advances within the agreed time or for failure to settle unpaid accounts for goods & services supplied.

When a borrower defaults on an Aposhashamura loan, we make attempts to resolve the dispute by following some major steps. Here is Stage IV of the Recovery Procedures.



Recovery Processes

Corresponding Action

Customer Expected Call to Action

If Borrower complies

If the Borrower fails to comply

Stage IV

Step 1

Final Action Notice for a Debt Recovery Proceeding

An appointed Legal Practitioner will issue the Final Warning Letter of demand that the loan be fully liquidated within seven (7) days, if the borrower is an individual.

 If the borrower is a company, a Statutory Letter of Demand for winding up the company may be served on the company & upon expiration of the statutory period, usually 3 weeks, a winding up proceedings will be commenced against the company for the court to appoint a receiver to liquidate and sell off the insolvent company’s assets


The debtor is expected to make repayment or negotiate payments in installments

The process is completed

Stage IV Step 2 is initiated


Step 2

Recovery Action in the Court of Law through a fast-track Court Procedure known as “Undefended Lists” or “Summary Summons”. We will commence a Debt Recovery Action & also claim damages for Breach of Contract


- In cases of Secured Personal Loans, under the STMA Act, we are permitted by law to give the Borrower a notice of the default in writing & the intention to repossess the collateral, or render the collateral inoperative either pursuant to judicial process or without judicial process

- We may also file an application for the preservation of the moveable & immoveable property of the debtor pending the final determination of the court process