According to the legislation the Bulgarian courts will freeze bank accounts of debtors and abroad after issue an European preservation Order.
Lenders will be able to require the freezing of assets of debtors and abroad,This was made possible by amendments to the Civil Code.
The amendments to Bulgaria accepted procedure called. European order for attachment of bank accounts.
It’s about an EU legal instrument whose purpose is to facilitate cross-border debt recovery in civil and commercial matters.
Cross-border debt recovery
The regulation, which establishes the procedure began to apply from January 18, 2017.
Cross-border work is in two hypotheses.European Account Preservation Order.
The first is where the creditor lives in the country – an EU member and the court imposing garnishment, bank account and subject to freezing, located in another Member State.
The second court in one country and bank account – in another.
The authority entitled to issue a European arrest is the first instance court if the request for a lien to be done before examining the merits of the case.
There is however an opportunity for the applicant to request an order at any stage of the case by the court sees it.
If this happens in those proceedings, the order is issued by the appellate court.
Obtaining European preservation Order is available as an option in all phases of the litigation process
The creditor would be interested to secure prospective proceedings, as well during a pending lawsuit, and also in cases where court decision (or similar) has already been obtained and the judgment creditor needs to secure its enforcement.
If the court refuses to issue an order, the creditor may appeal an interlocutory appeal.
If the failure is ordained of appellate jurisdiction, the appeal before the Supreme Court.
Cross-border work is in two hypotheses.
The first is where the creditor lives in the country – an EU member and the court imposing garnishment, bank account
The subject of the EPO to freezing, located in another member State.
The authority entitled to issue a European arrest is the first instance court if the request for a lien to be done before examining the merits of the case.
There is an opportunity for the applicant to request an order at any stage of the case by the court sees it.
If this happens in those proceedings, the order is issued by the appellate court.
If the court refuses to issue an order, the creditor may appeal an interlocutory appeal.
If the failure is ordained of appellate jurisdiction, the appeal before the Supreme Court.
The debtor will be able to seek annulment of the order in the same order.
The European accounts Preservation Order will be a good option for the local creditors, whose debtors reside on the territory of the European Union.
Contact us for more information on + 359 897 90 43 91 or send us email office@lawyer-bulgaria.bg
lawyerhttps://lawyer-bulgaria.co.uk/wp-content/uploads/2016/03/ilodplogo-300x96.pnglawyer2018-02-10 13:21:332023-01-29 13:01:59European preservation Order
Having a local lawyer who knows all the ins and out of Bulgarian debt collection procedures and laws can help you recover the payment you are entitled to.
Debt Collection in Bulgariais a procedure of collecting due payments from debtors and defaulting payers. In this article, we will describe the process in detail.
Whether a domestic or international debtor, we are able to resolve outstanding debt issues in the local language and in keeping with local laws and practices. Simply the act of outsourcing the debt recovery process to us enables you to focus on your core business.
Support from a debt collection lawyer
A debt collection solicitor has several important features, which present his authorised actions, regulated and granted by law:
A debt recovery solicitor can send juridical letters to the debtor. Such documents can consist of letter before action, letter of demand, etc.
These letters have to be in compliance with different laws according to the country.
Debt collection lawyers can personally visit the debtor in his premises and offer a convenient payment plan to settle the debt.
A debt collection lawyer has the right to forcefully seize part of debtor’s property to clear the debt,
The debt recovery solicitors rarely do so, as negotiation is usually a successful enough debt collection method.
The debt collection attorney can resort to small claims court; advise a wage garnishment from a local court, or even submit bankruptcy proceedings.
Enforcement of wage garnishment with the help of court and law orders are typical events when the debtor rejects the previous reminders, official letters and legal actions.
The administrative wage garnishment represents court’s permission and authorisation of an agency (a debt recovery agency or the original creditor) to obtain a restraint for withholding a certain percentage from the subject of debt’s monthly wage.
This amount varies in countries, but can also depend on the occupation of living and the amount earned per month.
The collection/collection of charges/ represents the right of one person, called a creditor, to demand from another person, called a debtor, a certain amount of money, which is required by a contract concluded between them (commercial, bond, etc.).
If the debtor does not pay the claimed monetary claim, the creditor has the only option to collect claims by starting various types of legal proceedings, through which to satisfy his claim against his unscrupulous debtor. In terms of debt recovery in Bulgaria,
Our law office D.Vladimirov & Partners offers various solutions with the aim of maximum client satisfaction. We offer cost-efficient pre-legal debt collection – before involving the court and legal debt collection – starting a lawsuit.
DEBT collection cases in Bulgaria
You can represent yourself in a debt collection case, or you can hire a lawyer to represent you.
If you represent yourself, you must follow the same rules lawyers do. Not knowing the rules is not an excuse for not following them.
We provide professional legal services in commercial law and litigation procedures.
We will be happy to represent you and your company, if you require legal actions to be taken regarding outstanding debts.
Debt collection lawyers in a private sector are convincing debtors to pay their debts voluntarily by withholding certain benefits, should they be delayed in repaying their debts.
Our clients work in many different fields and operate on the different countries’ markets.
Legal stages
We, as debt collection lawyers in Bulgaria will advise you how to get your money back. If your debtor refuses to pay we can go to court in consultation with you.
We will conduct a feasibility study to determine whether legal proceedings are beneficial.
We will always inform you on the possible costs and will only start legal proceedings after receiving your consent.
The whole procedures of debt collection in Bulgaria consists of simple steps at the start and might involve legal action, should it be required.
The debt collection lawyer in Bulgaria should require a complete access to all the necessary debtor-related documents.
Debt Collection Bulgaria
Stage one of the debt collection procedure in Bulgaria is contacting the debtor
The creditor should clarify the details on the outstanding payment.
Should the debtor fail to make a voluntary payment, the next step is sending an official letter.
Debt Collection procedures
Then our lawyers will first determine the competent court and the applicable law.
Based on these factors, we will determine the most appropriate course of action while assuring you that the best debt collection specialist is assigned to your case.
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