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TcherpokovAttorney at Law

Practice 02

Distressed loans and restructuring

Negotiation with banks and creditors, defence against acceleration and payment orders — for borrowers, guarantors and lenders.

Book a consultation +359 2 965 5101

The earlier, the more options.

A distressed loan is rarely only a financial problem. Behind the arrears are a contract, security, guarantors and deadlines that are running. Every missed deadline narrows the defence.

We advise borrowers, guarantors and co-debtors — companies and individuals — on renegotiation, rescheduling and refinancing, on defence against acceleration and payment-order proceedings, and on assignment of the debt to a collection agency.

We also act for lenders: structuring settlements, substituting security and negotiating with debtors when the aim is to recover without a long court battle.

What we handle

  • Renegotiation

    Rescheduling, grace periods, extended terms or a changed rate by annex.

  • Restructuring

    A complete solution for a company's debts to several creditors at once.

  • Loan acceleration

    Checking whether acceleration was validly declared and whether the amounts are correctly calculated.

  • Payment orders

    Objections to payment orders and applications to stay immediate enforcement.

  • Assignments and collectors

    The debtor's rights when the debt is sold; checking the notice and the amounts claimed.

  • Guarantors and co-debtors

    Scope of liability, deadlines and the guarantor's own defences.

  • Security

    Substitution, release and removal of mortgages and pledges; a voluntary sale instead of a public auction.

  • Limitation

    Checking whether the debt or individual instalments are time-barred.

How an engagement runs

  1. 01

    Urgent review

    If you have received an order, demand or notice — we establish the deadlines first.

  2. 02

    Full picture

    All debts, security, guarantors and assets — for a realistic plan.

  3. 03

    Negotiation

    We put a solution to the creditor that it has an interest in accepting.

  4. 04

    Defence

    Objections, claims and defence in enforcement if negotiation fails.

Questions and answers

Frequently asked questions

01I have received a payment order. How long do I have?

An objection to a payment order must be filed within two weeks of service. The deadline is preclusive — missing it usually means the order becomes final. Contact a lawyer as soon as you receive the papers.

02My loan has been sold to a collection agency. What does that mean?

The bank has assigned its claim. The debtor now owes the new creditor but keeps the defences it had against the bank. The assignment takes effect against the debtor from the moment the previous creditor notifies it.

03Can the bank sell my mortgaged property?

A mortgage entitles the lender to be paid from the price of the property through enforcement — a public sale by a bailiff. Before that there is usually time for negotiation, a voluntary sale or refinancing, which are often better for both sides.

04Is a guarantor liable for the whole debt?

As a rule, a guarantor is liable for the debtor's obligation including interest and costs, but has defences and deadlines of its own. For example, the creditor must sue the debtor within a set period after maturity to preserve its rights against the guarantor (Art. 147 of the Obligations and Contracts Act).

Related

Related practice areas

Consultation

Tell us about your case.

Describe the matter briefly — we will contact you to arrange a meeting. If a deadline is about to expire, call directly.

Send an enquiry +359 2 965 5101 +359 887 662 910