The debt recovery process involves; the collection agency contacting the debtor, the collection agency then proceeds to forward the claim to affiliated lawyers in case the debtor fails to cooperate, the lawyer then studies the case and determines which legal action could be useful, if the creditor...
Short-Term Debtor:These are those debtors under which the debt is due within a year. These are recorded under Short term receivable under the head Current Assetsin Balance sheet. Long-Term Debtor:Those debtors where debt is due after one year comes under long-term debtor. These are recorded ...