We have tried to collect all the basic legal terms and phrases in this handbook in order to communicate their meaning to you in an easy and comprehensible way.
A debtor – is a legal or natural person (individual entrepreneur) who fails to pay on time debts or penalties on contractual obligations to the Client.
Debt (receivable) – the amount of debt owed to You (Client or Creditor).
Collection of a problem debt – is the process of working with a debtor to find financial opportunities and to encourage him to pay or credit your debt. Why do we do it? Why are we better than a full-time lawyer or even an entire legal department? What are our guarantees? I will now explain: our experts in forfeiture are not only experienced lawyers and psychologists, but also former employees of OTI and other competent authorities. If we accept debts into work, we are highly likely to find liquid assets or «financial streams" from debtors and then forward them to your address. If voluntarily the debtor does not comply with our request, we will work closely with the bailiffs and keep the matter alive. We also collect debts from State-owned companies, for which we have an effective strategy to encourage them to pay through close management and senior management. But if the debtor turns out to be deceiver or a fraudster, then we begin work in parallel from the opposite, we search for and find inaccuracies, errors and irregularities in the business of the organization, and then send the information received to the competent authorities for a legal assessment, which usually leads to blocking economic activities of the organization and subsequent insolvency of the debtor. The set of measures described above is only a short description of the incomplete list of tools used in our work, and the guarantee of success is the payment of our services on the basis of the receipt of money on your account.
The pre-trial stage of debt collection – is the stage where the Client has not yet applied to the court for debt collection (as a rule, at this stage the debtor constantly promises to repay the debt, but does not do so under various pretexts).
The post-judicial stage of debt collection – is the stage where the Client is tired of the debtor’s promises and has applied to the court /notary for a decision on debt collection for further presentation to the enforcement authorities.
Writ proceedings - begins with a statement on the initiation of writ proceedings. The advantage is its relatively low cost and fast processing speed of the case. The absence of a need to appear in court in person is an advantage for the Client. The maximum amount of the State duty is 7 base values and the maximum period of examination is 20 days. The claims must be undisputed - documented and not disputed by the debtor.
Action proceeding - a classical method of litigation involving the presence of the parties in the courtroom and payment of State duty of 5 per cent of the claim, with a minimum State duty of 675 Belarusian roubles.
Enforcement order– is a document issued pursuant to a court decision, which contains the operative part of the court decision, on the basis of which the Claimant has the right to request enforcement from the bailiff.
court bailiff- Officer of the Enforcement Department who has the authority to apply enforcement measures to the debtor (seizure of settlement accounts, attachment of property, sale of seized property, restriction of the right to leave the Republic of Belarus, restriction of the right to drive a motor vehicle, prohibition of mobile operators to provide communication services to the debtor, etc.)but as a rule it does only after the correct work with him, with the help and control of collection specialists of Limited Liability Company «Legvard».
Preparation of legally relevant documents - separate service of Limited Liability Company «Legvard» on preparation of claims, applications on the order (lawsuit) procedure, appeals, motions, as well as other documents on order and in the interests of the Client (including Contracts with Clients).
An application – is a request from a party to the competent authority.
A claim - is a mandatory pre-trial resolution stage in which the Claimant sends a written notice of the debt by registered letter to the debtor’s legal address requesting payment of the amount of the debt, and warning of an intention to enforcement of debt.
A notary’s executive inscription - is a process of repayment of an overdue debt in which there is no need to go to court. A notary is a document with the same effect as a court decision and is enforceable by analogy. Notaries shall affix inscriptions on the basis of a statement by the claimant, accompanied by documents attesting to the existence of an unfulfilled obligation, a document confirming that the debtor does not dispute the amount of the debt owed by the debtor and a document concerning the payment of the notary. Notaries issue executive notices on the recovery of debts under contracts of sale, lease, supply, storage, contracting, transport and service in connection with such debts. The advantages of this method are seen in terms of the speed with which the inscription is performed (within a few days) and the relatively small size of the notary tariff.
Novation agreement - is an agreement under which a third person undertakes to pay the debt instead of the original debtor and becomes the new debtor in the obligation.
Assignment of a claim - is one of the ways of altering persons in an obligation.
Imposing obligations on a third person - is one way of fulfilling obligations.
A writ of bailiff - is a lawful demand by the bailiff to take or refrain from certain acts.
Withdrawal of an application for the instituting an order proceeding - is a statement of the debtor’s position on the circumstances set forth in the application for the commencement of an order proceeding.