- Have you got an enforcement paper for unsecured claim?
- Are you interested how the funds are raised?
Mandatory requirements for beginning the enforcement proceeding:
• Enforcement paper
• Decision that is the basis of the enforcement paper
• ID
• Warrant for presenting the enforcement paper in case of representation
Please, take into account that you must pay the enforcement service due (2% of the assigned sum no less than 50 GEL) within 10 workdays after handing in the enforcement paper
The NBE notifies the debtor within 5 days after the beginning of the enforcement proceedings
Debtor is notified about:
• In case of voluntary securement of the claim only the part of pre-paid enforcement service due made by the creditor is required to be covered within 7 days from the notification, if there is an unsecured assignment - the full enforcement service due has to be covered;
• Rights stipulated by the Article 18 of the Law on enforcement Proceedings of Georgia;
• Legal outcomes of initiating enforcement proceedings;
• Potential measures to be taken for compulsory enforcement stipulated by the Law;
• Rule and ways to receive specific information on enforcement;
• Specific time and date of compulsory enforcement isn't notified to a debtor.
Immediately after handing in the enforcement paper (or if it can't be managed timely) an enforcement officer starts the quest, census and attachment of the debtor property in compliance with the rule stipulated by the Law. Namely, he/she applies to the Ministry of Internal Affairs, Public Register, Entrepreneur Register, Revenue Service and all the bank institutions registered in Georgia with the goal of attachment registration on the relevant property.
Herewith, an enforcement officer can make a debtor to apply to the Article 42 of the Law on Enforcement Proceedings of Georgia stipulating that a debtor is obliged to present the property list within 5 days. In case the list isn't presented or is presented partially, a debtor will be charged according to the rule stipulated by the Georgian legislation.
An enforcement officer has to go to the address indicated on the debtor's enforcement paper and conducts the census-attachment procedure of the debtor's property. the enforcement officer is authorized to seal the property and deliver to the debtor for further storage. The debtor is notified about the feasible charge in case the attached property is alienated or damaged.
An enforcement officer can store the attached items in special store of NBE for further realization.
An auction is held within a month after the attachment.
Once a compulsory auction is announced, it isn't permitted to suspend, detain or stop the enforcement proceedings or the retrieve of the enforcement paper according to the Article 35 of the law of Georgia.
The funds gained after the realization of an item at an auction are used to secure the creditor's claim.
