Bad Debt Collection

Contractual rights and their counterpart obligations are an integral part of the legal world. Sometimes the latter arise by virtue of hypotheticals such as civil claims, employment and property relations, various indemnities and reimbursement of expenses. For many, however, it sounds daunting to find oneself a party to enforcement proceedings.

The KGK team can assist you with timely legal assistance and representation to protect your rights and legal interests in debt collection.

What should you do if you are facing debt recovery as a creditor?

In case your contractor is late with payment, you suffer losses from the non-performance of a contract, the debtor does not pay the amounts awarded to you, consult our debt collection lawyers. We also assist in the representation of debt collection cases, choosing the most adequate approach and legal method, which will save you a lot of time, nerves and effort.

Collection of claims on accounts in other EU countries. What is a European Account Preservation Order?

KGK's collections team is also experienced in collecting accounts receivable in foreign countries. In order to overcome the difficulties associated with securing monetary claims where the debtor has accounts with a bank in the territory of another Member State, the European Union has provided for a procedure for issuing a European Account Preservation Order. This procedure allows a creditor in one Member State to request and obtain an order attaching the accounts of his debtor in a bank operating in the territory of another Member State. Thus, in addition to accounts with traditional credit institutions, it is also possible to attach an account with Revolut and the accounts of users of other electronic payment applications that are licensed to carry on banking business in the EU. запор на сметка в Revolut, а и на сметките на потребители на други приложения за електронни разплащания, които имат лиценз за извършване на банкова дейност в ЕС.

What should you do if debt collection is initiated against you as a debtor?

If you fall into arrears on an obligation, if someone suddenly makes a financial claim against you, if you have been a guarantor for a relative who has fallen into insolvency, or if debt collection proceedings are initiated against you on any other grounds, contact our lawyers as soon as you receive the first notice/summons.

KGK's team will make sure that there are no serious procedural deficiencies that prejudice your rights, that the claim is not time-barred and that the cause of action is genuine. By choosing to place your trust in KGK's debt recovery team, you will be protected in the most effective way possible and your rights will be exercised to the fullest extent in the various legal debt recovery proceedings.

Why trust KGK for bad debt collection proceedings?

KGK represents its clients by initiating and conducting all legal proceedings provided for by law according to the specifics of the assigned case and the client's requirements. Our services include:

Representing before the Bulgarian institutional and arbitration courts and administrative bodies;
Attachment of accounts in another EU member state and obtaining a European attachment order;
Negotiation with bailiffs when it comes to specific working rules from the view of the needs and requirements of the client;
Sending notary invitations, early due notifications, negotiating in terms of out-of-court settlement or debt restructuring;
Assists the client in renewing their collateral;
Participation in public sales, auctions, accession of claims, contesting privileges;
Filing appeals against collections distributions, levies and scheduled foreclosures;
Requesting reports, recording and cancelling garnishments, lifting and imposing attachments, scheduling and cancelling property inventories;

By utilizing the services of our highly skilled attorneys, you get a trusted partner in every step of the collection process.