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His interior-design firm folded and he was officially branded a bad debtor.
But it has also done something almost unprecedented: it has threatened to call time on its worst debtors, including Daiei, Japan's third-biggest retailer and UFJ's biggest bad debtor.
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The new bank will have to deal with UFJ's abominable collection of bad debtors.
"But Germany did not want to become the deep pocket for bad debtors.
One thing that supposedly made C.F.S. different was the non-threatening way its collectors gained the coöperation of bad debtors.
At the insistence of the IMF, the government plans to create a new financial court that will help banks to pursue bad debtors.
Unlike Latin American governments, some of whom are recidivist bad debtors, Caribbean countries, with stable currencies and democracies, until recently looked like good risks.
Others blame the commercial banks for failing to get tough with bad debtors; or the ruling Liberal Democratic Party LDPP) for being too cosy with the banks and the debtors both; or rigidities in the labour, employment or pretty much any other market.
This raises potentially awkward questions about the level of monitoring by correspondent banks and oversight by their regulators.The banks suing AHAB (as the parent of the bad debtors) have outstanding claims of $5.9 billion.
By announcing minimum prices at which it would buy bank debt, the agency gave banks little incentive to pursue bad debtors, even though they continued to manage their loans.
"This remains an issue to some extent, but Saudi Arabia offers additional enforcement options under a Saudi Arabian Monetary Agency committee's list of bad debtors, which is attractive to Western lenders," Ms. O'Sullivan said.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com