INTRODUCTION
In discussing this
poignant issue, one must discuss debt within the
constraints of the law. A debt exists when a
certain sum of money is owed from one person (the debtor) to another (the
creditor). Hence 'debt' is properly opposed to unliquidated damages to
liability, when used in the sense of an inchoate or contingent debt; and to
certain obligations not enforceable by ordinary process. 'Debt' denotes not
only the obligation of the debtor to pay, but also the right of the creditor to
receive and enforce payment. SeeNIPOST v. I. E. Co. Ltd. (2006) 8 NWLR (Pt.
983) Pg.435.