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An absolute limitation period of ten years is introduced for the private obligations of people, the parliament finally decided with the adoption of the second reading of the amendments to the Law of obligations and contracts. The bill was introduced by deputies from GERB and United Patriots.
With the expiration of the ten-year statute of limitations, monetary accounts receivable against individuals are reimbursed, regardless of their interruption, except when the obligation is deferred or rescheduled, the deputies wrote.
The limitation period does not apply to accounts receivable: from the commercial activity of individual traders or of natural persons – partners of a company; for inadmissible damages; for unjust enrichment; for maintenance; for remuneration; and the benefits of the Labor Code.
The statute of limitations will not apply to accounts receivable due to a privatization agreement and to property restored by a regulatory act, the deputies added at the suggestion of Hristian Mitev / “United Patriots” /, held in the plenary hall .
It is anticipated that the absolute limitation will also apply to existing debts, not just new ones. For existing cases, the 10-year statute of limitations starts counting from the day the claim expires.
In the event of pending enforcement proceedings, the statute of limitations begins from the first executive action, and when it is not constituted – from the day the claim recognition law comes into force, new texts are provided which were finalized in plenary at the suggestion of Iskren Veselinov / “United Patriots” /.
The changes will take effect six months after their promulgation, the deputies finally decided.
Hristian Mitev commented that the bill will put an end to a problem that has plagued Bulgarian society for decades and affects hundreds of thousands of Bulgarian citizens: the figure of the so-called eternal debtor. He noted that for years there had been constant criticism from the European Parliament on the issue.
Iskren Veselinov commented that the possibility of the creditor to collect the accounts receivable by all means is guaranteed, but a reasonable period of ten years is set in which the execution must take place.
From these ten years, we explicitly exclude time for court cases, he said. In other words, as legislators, we believe that we are making a good and balanced decision, which also protects the interests of the creditor, but also gives hope to the debtors, Veselinov said.
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