Question
In the fourth quarter of the year 2017, the bank officer detected few warning signals during the credit review. The CEO of the company is
In the fourth quarter of the year 2017, the bank officer detected few warning signals during the credit review. The CEO of the company is uncontactable. At the same time, the company has submitted three (3) requests to change the financing terms. As of November 2017, the company failed to submit its audited accounts for financial year ended 31 December 2016 despite several reminders sent by the bank to the company. As at 31 November 2017, the company has not paid monthly instalment for the factory and machineries for four (4) months. The site visit was conducted and it was found that the factory was not in operation. Based on the conversation with the workers of the next door factory, the factory has been closed for almost one month.
Based on the above: -
Suggest how the bank can get the fastest recovery from all the collateral taken to secure the financing in question (f) above.
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