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Vanishing assets, empty judgments: Hidden crisis in economy’s debt recovery regime
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The Business & Financial Times
However, when exploited by unscrupulous directors and shareholders, this otherwise noble principle can become a formidable barrier to debt recovery.
This lack of transparency and uncertainty severely undermines the efficacy of the debt recovery process and weakens the authority of judicial outcomes.
Expediting debt recovery proceedingsTo enhance the efficiency of debt enforcement and improve creditor confidence, Ghana’s judicial system should prioritise the swift resolution of debt recovery matters.
By implementing robust asset protection measures, streamlining debt recovery proceedings and enhancing enforcement mechanisms, Ghana can create a more efficient and equitable debt recovery system.
Without these reforms, judgment creditors will continue to struggle with vanishing assets and empty judgments.