Judgment evidence

Judgment evidence – this term details a debtor who has non-sufficient or none available assets that could be used to pay back his creditors. This right, given by the current Bulgarian legislation has been very commonly used as a practice by a number of local Bulgarian developers, who within the period 2005-2012 have collected lots of investments by overseas buyers, but have declared insolvency and abandoned developments, leaving empty local corporate bodies for satisfaction of the investors-creditors. To conclude, the current legislation does not protect enough the various investors, but gives enough area to local corporate bodies to secure their profit even in case of non-performance. This is why an advice by a practicing and independent Bulgarian lawyer, is advisable before making investments. Experienced lawyers know which developers could be trusted and which can not due to their previous practice.

Learn more about problematic Bulgarian off-plan property purchases: http://www.bulgariandeals.com/viewforum.php?f=6&sid=394e0b52d4a46ff9f05b81b282a45058

Posted in: J