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As seen, the difference between the enforcement proceedings
based on a judgment and the enforcement proceedings without a
judgment concerns the finalization of the execution proceedings.
The remaining procedures are similar for both of the enforcement
proceedings.
The bailiff may procure the valuation of the property immediately
after receiving the execution request, without waiting the finalization
of the enforcement proceedings. Nevertheless, although the bailiff may
ex officio
initiate the preparations for sale, the sale may not be realized
without a request for sale.
The Sales Process
The creditor is required to request the sale within 6 months as from
the notification of the payment or execution order to the debtor. In the
event that a request of sale is not made within such 6 month period, the
enforcement proceedings by means of liquidation of pledged movables
shall be discontinued. The time period which elapses until the finaliza-
tion of the decision to remove or cancel an objection shall not be taken
into account for the calculation of such 6 month period foreseen for the
request of sale. The creditor shall pay the expenses of sale in advance
within this period of time as well.
After the request of sale is made, sale of the movable properties by
auction takes place. However, sale by means of bargaining procedure
may be accepted for some exceptional cases (Article 119 of the EBC).
If there are more than one creditor, after the sale of the pledged
property, distribution of the consideration shall be proceeded with. If
turnover of the pledged property is not sufficient for the payment of the
receivables for which such pledges were established, the bailiff shall
prepare a chart of rank and share, and carry out with the distribution
accordingly with such chart.
Document Certifying the Insufficiency of the Pledge
The sale of a pledged property may not fully compensate the
receivable. In such an event, the creditor shall be provided with a “doc-
ument certifying the insufficiency of the debt” certifying that the
pledged property is insufficient to cover the receivable. If, after the
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NEWSLETTER 2012