Банкеръ Weekly

Briefs

AGRICULTURE FUND CANNOT COLLECT ITS RECEIVABLES

The debtors of the Agriculture Fund can heave a sigh of relief. Half a year after the enforcement of Amendments to the Act on Collection of State Receivables (Official Gazette, Issue 46, dated May 7, 2002) the respective agency was set up and entrusted to perform certain functions in collecting overdue liabilities to the fund. The procedures, however, are still in their initial phase. After the exchange of notification letters, establishment of joint commissions, holding meetings, etc., the files of debtors are still in the Legal department of the Agriculture Fund. According to its head Daniela Popova, some 1,000 writs of execution for juristic and natural persons with overdue credits have been prepared. They have been waiting for months now for officials from the State Receivables Collection Agency to pick them and move them forward. And the agency is waiting for the initiative to come from the Agriculture Fund. And while the two institutions are waiting for each other, the uncollected receivables are increasing. In end-October they reached BGN66,601,000 (BGN51,951,000 in principal and BGN14,650,000 in interest). They are due by 2,896 natural persons and 3,320 juristic persons. The debts were accrued in the period from the fund's establishment in 1999 till 2002, Lilo Djambazov, Vice Executive Director of the Agriculture Fund, specified. The fund has also prepared for the agency information about the current legal status of the debtors, the amount of their liabilities (principal and interest), and the guarantee measures imposed on them so far. The information includes also those agricultural producers and cooperative farms, which the fund has already delivered or intends to deliver to an officer of the court, and debtors against who insolvency procedures have been initiated. The issue regarding receivables from cooperative farms is extremely delicate, the Agriculture Fund's management believes. On one hand, the sale of their property would lead to the liquidation of their activity, and on the other hand - the reschedulement of their liabilities would set a dangeous precedent, of which the fund's other debtors would like to take advantage as well.

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