Банкеръ Weekly

Briefs

ENTERPRISES' LIABILITIES TO NEC TOTAL BGN188,895,000

The National Electricity Company (NEC) cannot credit companies in poor financial state which are not able to pay the electricity they have consumed, NEC's CEO Vassil Atanassov said at a regular press conference at the Ministry of Energy and Energy Resources. We would not like to stop the production process of indebted enterprises, but switching off the current is sometimes the only way to make them pay their liabilities to us, Mr. Atanassov added. He explained that even if a lawsuit is initiated against the respective company and a distraint is laid on its bank accounts, the debtor often effects its operations through other firms or finance and brokerage houses.By February 20 NEC's receivables for supply of electricity to industrial consumers totaled BGN188,895,000. Most of the liabilities were accrued in the 1999-2001 period.

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