17th June, 2010
The management of Spring Bank Plc has intensified efforts on its debt recovery exercise by engaging the services of a consortium of debt recovery experts to boost its debt recovery drive.
The consortium comprising of Messrs. Ropo Ajayi Chambers, Alpha Law Chambers and Legal Mind Chambers, have employed alternative dispute resolution tools to bring the bankâ€™s customers to bear, thereby resulting in amicable and peaceful negotiation of their indebtedness to the bank.
The focus of the consortium is a certain category of accounts including energy, fraud, hopeless and insider-related abuses, accounts under litigation, management-induced accounts and those without collateral.
The list of the debtors which include private and corporate accounts, have been compiled, while the consortium has the mandate of the bank to recover debts through litigation, from any of the debtors unwilling or cooperate with it.
The debt recovery experts, who are legal practitioners, have already made substantial recovery while efforts are also being made to forward petitions to appropriate security agencies concerning fraud-related cases.