BCCI: Quick and timely debt collection is often a matter of survival to creditors

The Secretary General of BCCI Vasil Todorov was a guest at the Annual meeting of the Bulgarian Chamber of Private Enforcement Agents.

The role of private enforcement agents may be viewed as an important anti-crisis instrument. When the economy is booming, creditors are often more tolerant and can afford to wait their debtors for a month or two, or even a year. However, in the conditions of economic and financial crisis quick and timely debt collection is often a matter of survival to some creditors. Therefore, the Bulgarian Chamber of Commerce and Industry will continue to support the efforts of the Bulgarian Chamber of Private Enforcement Agents (BCPEA) to increase the efficiency of the enforcement process, and to make it quicker so that hopefully by the end of next year the disturbing levels of intercompany indebtedness will be lower, said BCCI Secretary General Vasil Todorov in his address.

In his report Georgi Dichev, President of BCPEA said that collection of information about debtors by electronic means and electronic freezing of assets and bank accounts remains a priority of the Chamber. Private enforcement agents have collected over BGN 2.4 billion in the period since their establishment in 2006 until 2011, and about BGN 200 million were transferred to the state budget. At the moment there are 158 offices of private enforcement agents operating in Bulgaria. For the six years of the Chamber’s existence, 601 000 cases were filed with the private enforcement agents and 154 000 cases were closed.

Mrs. Valentina Ivanova, former Chair of the Control Committee of the Bulgarian Chamber of Private Enforcement Agents, is the new President of BCPEA.