Your Debtor's Assets Are Just A Click Away!

The Regulation on Investigating Asset, Right and Receivable through the National Judiciary Informatics System (the "Regulation") has been published in the Official Gazette.

The Regulation sets out the details of the amendments introduced to the Enforcement and Bankruptcy Code, which enables a creditor pursuing a debtor through execution proceedings, to investigate and ascertain the debtor's assets, rights and receivables with ease via the on-line National Judiciary Informatics System ("UYAP"). A pre-condition is that the prescribed period stated in the payment order to pay the debt must have expired and any objection to the debt must have been lifted.

Before the relevant amendments to the Enforcement and Bankruptcy Code, creditors had to request the bailiff to send warrants to the relevant institutions to investigate the assets of the debtors, which was time consuming and costly. This in turn increased the risk that the debtor could utilise the delay to hide