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Recovery

In: Export Credit Insurance and Guarantees

Author

Listed:
  • Zlatko Salcic

Abstract

In the ECA context, ‘recovery’ means collection of a due and non-paid amount of credit from a foreign buyer. Chronologically, recovery follows the indemnification procedure in which an ECA indemnifies an insured for a due and non-paid amount of credit (Figure 20.1). Recovery of debt in the ECA context is similar to recovery of any other debt, except it always takes place in foreign countries. Recovery against foreign buyers is often more difficult than domestic recovery because of geographical distance, lack of information about foreign buyers, cultural differences, insufficiency of legal actions, lack of rule of law in a foreign buyer’s country, etc. Since ECAs cover credit risks in export credit transactions with foreign buyers from nearly all countries in the world, they have gained significant experience with recovery procedures in numerous foreign jurisdictions. This experience is useful when assessing credit risks in new export credit transactions for which the ECA cover is requested.

Suggested Citation

  • Zlatko Salcic, 2014. "Recovery," Palgrave Macmillan Books, in: Export Credit Insurance and Guarantees, chapter 20, pages 181-193, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-36681-8_20
    DOI: 10.1057/9781137366818_20
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