When people cannot pay their debts to the state or private persons, creditors may initiate enforcement proceedings against them. If the debt is paid during the enforcement proceedings, the debt is cancelled. However, if it is not paid, the continuation of the procedure is foreclosure. Foreclosure is carried out on the assets of the person. If the assets in question are not sufficient to pay the debt pursued, the creditor or creditors are issued a certificate of insolvency. The uncollectible part of the debt is shown on this document. This document is proof that the debtor has a debt and has no assets to pay it. With the certificate of insolvency, the collection of the receivable can be made by going to the enforcement procedure with judgement, which is another way of proceeding.
What is 103 Invitation?
Another important document to be mentioned in the field of enforcement is the 103 invitation. The debtor is not obliged to be present when the seizure takes place. However, it is also clear that it is very important for the person to know this process in order to avoid loss of rights. In this way, it is ensured that the person is not late for the transactions. The answer to the question “What is 103 Invitation?” is this notification. In cases where he or an official is not present during the attachment according to the provisions of the law of notification, the person is notified through this invitation. Objections and statements are called to the Enforcement Office to be heard. This invitation is made within 3 days from the seizure.