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The absolute limitation period of ten years on the private obligations of the people was adopted in second reading by the National Assembly with an amendment to the Law of Obligations and Contracts, BNT reported. It will apply not only to new debts but also to existing ones.
With the changes adopted with the expiration of the 10-year limitation period, all accounts receivable against individuals will be reimbursed, regardless of the interruption of the limitation period, provided they are not deferred or rescheduled. This means that after the expiration of the 10-year period, the debtors will not have any legal consequences for the fact that they have not paid their debt and their creditors will lose their money forever.
These are debts with banks, credit companies and public services, as well as any other type of creditors, including other individuals.
The bill provides for six exceptions to which the statute of limitations will not apply. These are:
– of the commercial activity of individual traders or natural persons – partners of a company, who have decided to join their activity
– for unauthorized damages
– for unjust enrichment
– for maintenance
– for remuneration
– for benefits under the Labor Code
The grace period for the entry into force of the new texts has been reduced from 6 to 3 months.
Sofia, Bulgaria
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