Bulgaria: Households’ Unserviced Debts Are Snowballing
The average amount of debts that households cannot service is about BGN 2200, announced one of the large debt collection companies in Bulgaria.
DebtNet Sets up Bulgarian Portal for Inter-Company Debts
Business | February 23, 2010, Tuesday // 16:07
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The first online information system for inter-company debts in Bulgaria – DebtNet – was presented in Sofia Tuesday.
The new website debtnet.bg contains information about overdue payments and debts of companies operating in Bulgaria.
DebtNet Jsc Bulgaria is 100% owned by DebtNet International Ltd. The main consultant of the DebtNet project is CDS-Group which focuses on risk management and business consultations.
The aim of the DebtNet portal is to accelerate the process of collecting overdue payments by raising public awareness of the problem and providing publicly-available information. The system does not intervene in the financial relations of the companies and fully complies with Bulgarian law.
The information provided by DebtNet is current, and is provided by the creditor companies. It can be used by anyone who registers and pays the respective fee.
“We believe that DebtNet is going to improve considerably the way companies in Bulgaria treat their overdue payments. We are following international practices in which such systems exert powerful pressure over debtors, and we are convinced of the success of our system in Bulgaria,” said Vladimir Georgiev, CEO of DebtNet Jsc.
The main consultant of the DebtNet project is CDS-Group which focuses on risk management and business consultations.
According to date of the Bulgarian Industrial Association, inter-company debts in Bulgaria amount to some BGN 200 B. Of those, 80% are overdue; BGN 120 B are inter-company debts that are not related to banking institutions.
The Bulgarian DebtNet portal already contains information about 1 000 debts owing a total of about BGN 2 M.
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