Regulatory Alerts2012-08-02
Ordinance No. 6 on the Calculation and Payment of Interest on Private Bailiffs' Special Accounts
The Ministry of Justice and the Bulgarian National Bank issued this ordinance to establish the rules for calculating and disbursing interest on funds held in private bailiffs' special accounts. Interest accrues daily through the servicing bank at rates mutually agreed upon by the bailiff and the bank, and bailiffs must calculate the exact amount due for each payment order or claim. Upon enforcement termination, bailiffs must notify debtors of accrued interest and transfer the funds to either the claimant or debtor based on whether the deposited amount covers the full obligation, while also providing detailed repayment breakdowns upon request.
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