The legislative base of Russian Federation is filled up by a new law regulating the pre-trial collect of debts on executive inscription of notary!
Debt collection in Russia in a new way is applied to debtors who break their obligations on payment above two month. The law has provided the lender the right to apply directly to the bailiffs, bypassing the court proceedings, as it was before.
Executive inscription of notary on a debt agreement in a new way is the possible founding for the appeal of creditor for executive service. It has force of court act on collection which debtor can appeal through court.
Changes were introduced to the legislation acts of Russian Federation, regulating assessment activity, notaries and bankruptcy. And also changed the rules for conducting bidding and introduced the concept of “liquidation value” for alienable assets.
Novations fix some nuances in the pre-trial order:
1. Debt collection in Russia on executive inscription of notary feasible provided that lender gave to notary the document which substantiate indisputable demands and confirmation of the notification of the debtor about unfulfilled the obligation.
2. Debts can be collected in such a way if they are not yet two years old and debtor must be notified about this before two week until the creditor appeal to the notary.
3. New rules do not apply to the mortgage debt and arrears of housing and communal services, they will be resolved through the court system as earlier.
Legislative novation is created to banking organizations and other lenders without microfinance institutions, which can settle the troubled relations with their new and old debtors, by way introducing the corresponding reservations in agreement.