Power Of Attorney By A Debtor In Favour Of A Creditor Bank

Power Of Attorney By A Debtor In Favour Of A Creditor Bank

any person  do hereby irrevocable constitute, nominate and appoint the said Bank and/or any principal officers and/or any other person or persons that may be appointed by the said Bank or its assigns from time to time in this behalf to be true and lawful attorney for me and on my behalf and in  name to represent therein and do all acts, deeds, matters and things in connection with the execution of the said decree, that is to say : —

1. To proceed in execution of the said decree and to proceed to realise and recover the decreed amount.

2. To withdraw any amount that may be deposited in any court in the said decree and/or other proceedings in connection with the execution of the said decree or any other order passed or made therein and/or in any Insolvency Court or from the Official Receiver concerning Insolvency of any of the defendants.

The relationship between a creditor and a debtor is one of the most important to understand in terms of business practices of any kind. This is because most business transactions result in some form of debt for a given party, and even individuals outside of business practices are often debtors, whether to a credit card company or to a bank.

Creditors are those to whom something is owed by the debtors, and therefore, the relationship between creditors and debtors is substantially complicated by the conflicting interests of the two parties. A creditor might be willing to seize anything and everything that he or she has to in order to obtain adequate compensation for the debt owed to him or her by the debtor.

there is a deed and also witnesses signed to it 

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