Affidavits are a thing of the past

THE LAW ON INFORMATION DISCLOSURE IN ENFORCEMENT PROCEEDINGS HAS TAKEN EFFECT

The new regulations, which took effect at the beginning of the year, are intended to make it easier for creditors to obtain information about their debtors more quickly and easily in the future.

ASSET DISCLOSURE

To avoid a costly and potentially futile enforcement order against an insolvent debtor, one can now request an asset disclosure in advance. This is the new term for the disclosure of financial circumstances, which was previously known as an affidavit and, prior to 1970, as an oath of disclosure. As before, the information must be provided in lieu of an oath. Likewise, the request must still be made by a bailiff. However, this information now allows one to decide whether and to what extent it makes sense to initiate further enforcement measures. However, the debtor is still required to provide information about the assets belonging to him. This includes whether and to what extent he has sold assets to persons close to him in the past two years. In the future, the inventory of assets is to be available for retrieval in electronic form for two years at a central enforcement court nationwide. As a creditor, one cannot access the information directly, but can request a copy there.

Determining the Debtor’s Address

Previously, creditors had to laboriously search for a debtor’s whereabouts themselves. Now, at the creditor’s request, the bailiff may inquire with the registration authority, the statutory social security agencies, the Federal Motor Transport Authority, or the Central Register of Foreigners.