Those who are faced with such issues for the first time are of the opinion that the main document is a court order. However, this opinion is erroneous on some grounds.
Even if the court made a decision not in your favor to recover the debt to the bank, do not despair. The current legislation gives the debtor a considerable number of ways to delay enforcement proceedings, and accordingly, delay the payment of the debt to the Bank.
The time received will allow the debtor to resolve the issue on the merits, to withdraw the property from collateral, pay off the loan, reduce or write off the credit debt in full.
Regarding the issue of removing property from collateral, we note that using only legal methods and loopholes in the current legislation, with a professional approach, the debtor can even make a profit when selling their property! There are several existing procedures that allow the Bank’s debtor to sell property that is worth less than the amount owed, make a profit from the sale, and close the credit issue by writing off the loan balance. If you are interested in learning more about the procedure, please contact our specialists.
If you value your property and you do not want to give all your earned money to the bank, contact professionals who solve the problems of dozens of debtors every day, having a huge experience of working with non-standard situations and providing effective assistance in matters related to credit debt. That is why it is recommended to seek help from Kasyanenko & Partners Law Company lawyers, who will provide detailed advice and help with the closure of enforcement proceedings.
Kasyanenko & Partners Law Company comprehensively solves all the debtors’ problems at the stage of enforcement proceedings. We release the property of debtors, close enforcement proceedings with debts, lobby the interests of the debtor (minimize losses, preserve the property of the debtor, remove arrests, etc.).
From practice, we can say that if the process is delayed long enough, the lender (bank) often makes concessions and negotiations with the debtor, so as not to remain completely at a loss and not even get part of the loan funds. In essence, the bank’s transfer of the writ of execution to the executive service is not profitable for the bank.
Pitfalls of executive production
The first problems that everyone can face are related to the preparatory stage is the client familiar with the requirements for the executive letter? After all, these requirements are strictly prescribed in Ukrainian legislation.
We will briefly describe the process of enforcement proceedings, at each stage of which, with a reasonable approach, the debtor can win additional time for himself.
When a decision of the court of first instance comes into force, the bank has the full right to receive a writ of execution and apply to the state executive service or a private contractor at the location of the debtor or its property with an application for opening enforcement proceedings.
After receipt of the application and of the writ of execution, the contractor in 3 days of receipt make a decision on opening or refusal to open enforcement proceedings that an interested party has the right to appeal within 10 days from the date of its receipt to the chief of the SIS or to the court which issued the executive document.
In case of opening of enforcement proceedings in the resolution, the executor sets a period for the debtor to voluntarily execute the court’s decision.
After establishing that the debtor has movable, immovable property, money, corporate rights, etc., the executor seizes the property, evaluates the property, and organizes open auctions for the sale of the property and repayment of the debt.
Before the debtor begins actions to delay enforcement proceedings, it is necessary to outline the strategy of actions and identify procedural loopholes that can be used in the future. The debtor must understand that the main motive for its actions should be to respect the legality of the process and the rights of its participants. Otherwise, the state executor and the court may classify the actions of the debtor as fraud and abuse of their rights.
So, let’s consider the following ways to suspend enforcement proceedings.
- Filing a cassation complaint
- Appeal of the executor’s decision to open proceedings
- Filing a complaint against the actions (inaction) of the state executor (recovery under Executive documents is applied first to the debtor’s funds, if the necessary amount is not on the accounts, then to securities, then to movable property. And only if the collected amount is not enough to repay the debt, foreclosure is applied to real estate such as a house, an apartment, a land plot, or other real estate.)
- Filing an application for an installment plan for debt repayment
- Appeal against the results of property valuation that is being implemented
- Appealing the results of the auction
Carrying out each of the stages is a time-consuming process that requires maximum effort, time and professionalism. To protect their rights and interests, it is advisable to enlist the support of Kasyanenko & Partners Law Company specialists, which offers professional legal support to debtors from the very beginning of enforcement proceedings until its logical conclusion.
I would like to draw your attention and note that it is best to prevent the onset of the auction stage, and use the above methods as much as possible, since further actions to protect the debtor’s property are very limited. Kasyanenko & Partners Law Company lawyers will help you in solving problematic issues with collateral and will tell you how to prevent the forced recovery of the debtor’s assets.
In the Arsenal of our company’s legal tools, there are many methods for optimizing and minimizing accounts payable, including:
- the removal of property from-under pledge
- sale of mortgaged property that is profitable for the debtor
- delays in property disputes
Legal assistance in enforcement proceedings
The main task of a lawyer for enforcement proceedings is to rationally assess the current situation and find several proven options for action. By contacting Kasyanenko & Partners Law Company firm for help, every client can be sure that they will be able to find a solution to their problem!
With the help of our lawyers, the client will not only be able to make sure that the employees of the executive service accurately carried out all the necessary actions, the enforcement proceedings were closed, and the property remained in the property.