Law and Practice Relating to Money Recovery Actions in Sri Lanka

Abstract

The law relating to recovery of money is set out in several statutes such including the Debt Recovery (Special Provisions) Act, Recovery of Loans by Banks Act and Mortgage Act. These specialized acts also set out the procedure that should be followed when action is instituted under such Acts. Additionally, the Civil Procedure Code sets out the debt recovery procedures, i.e., regular and summary procedure that could be followed when instituting action for recovery of debt. This article discusses in detail the current law, money recovery procedures and practices and the surfeit of judicial authorities of Sri Lanka on the issues under discussion.

Keywords: debt recovery, recovery of loans by banks act, mortgage act