Worthless debt

Worthless debt – also known as “bad debt”, this is a debt which technically can not be collected. Worthless debt occurs also in Property Law, where the buyer purchases an off-plan property from a developer-local corporate body with low capital and/or actually no assets in the name of the company (or mortgaged assets in favor of a local bank). This is how many overseas property investors have lost their hard-earned savings in the period 2005-2010. Before making payments without direct performance towards you by the other party, you should consult in advance with a bona fidе lawyer in order to get your legal and financial interests secured.

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