Credit Tips: Protection Of The Creditor’s Rights.
Some banks have developed the project on modification abreast the laws concerning rights of protection of creditors.
Representatives of banks have explained that many banks of the country were initiators of this project, thus, wishing to lower the losses from actions of such borrowers which don’t want to return money to bank, being covered with various problems. According to the document, borrowers should lose the right to dispose of pledge or a pledge subject if the credit isn’t paid more than for two months, and also the permission is given to courts under the bank statement independently to make decisions on eviction of debtors from their habitation.
Besides it, acknowledgement by the bankrupt or insolvent the businessman or any legal body on its personal obligations will be forbidden. Relatives of heads or owners of the companies-debtors, as well as they won’t have the right to creation of the new companies. The Companies-debtors can’t produce financial operations until will pay a debt under the credit, and in case of their bankruptcy, the bank has a just cause on mortgage property of such companies.
Work on the document has been begun last year, and for today banks plan to give it in parliament. Under forecasts of the lawyers such innovations will lead to social pressure in a society in spite of the fact that in many countries of Europe and the USA such rates act for a long time exist.
Debtors under credits are expected to a criminal liability
Now is preparing the bill which will provide a criminal liability for those physical persons who evade from returning of debts under credits. According to authors of the project, the criminal liability will come in case of indebtedness from 100 dollars, besides, and when the potential borrower gives to monetary institution false data about credit. As developers of the project have reported the document will be submitted till the end of current year. The document provides, in particular, modification of bill which concern reduction of level of indebtedness at which there comes a criminal liability. In other words, if the size of indebtedness has reached a point in 200 dollars, the bank has a just cause to bring an action the claim with the request for criminal case excitation.
Moreover, untimely return of indebtedness under the credit will be fined at the rate to 20 000 dollars. And in certain cases the bank client can even be condemned for the term up to two years. Also the preparing bill will make amendments to clause having implemented a criminal liability for physical persons for registration of the credit by means of granting about itself to the creditor of obviously false data about the credit loans and debts.
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