4.2 Incorporating Legal and Support Functions Into Workout Unit
No: 41033343
Date(g): 6/1/2020 | Date(h): 11/5/1441
Status: In-Force
Effective from Jul 01 2020 - Jun 30 2020 To view other versions open the versions tab on the right
Banks require legal advice on a variety of matters related to the origination, management, and restructuring of loans. This includes not only documenting loan and restructuring transactions but also overseeing the collection process for those defaulted loans. It is highly recommended that Banks should maintain a dedicated legal team (or legal experts) within the Workout Unit to:
i.
Assist in the negotiation of the restructuring of those loans that need to be addressed; and
ii.
To be responsible for those loans that require legal solutions to be collected (bankruptcy or foreclosure).
