Banks Sell Boats and Tractors To Get Debts Back

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Items Offered for sale on the site of the Chamber of Private Bailiffs illustrate, although in general, the dramatic situation in which businesses in Bulgaria are. Out of 196 tender announced for the end of December 2012 and January 2013, over 150 are for machines that people earn their living with – ships, trucks, tractors, vans and buses. The remaining 49 are passenger cars – mainly taxis. Business owners of many of the larger vehicles are so much pressed to the wall that they cannot repay loans from 70 thousand to 100 thousand levs. Larger amounts are excluded.

Here’s an example. Varna offers at auction a small trailer boat for sea bottom cleaning in the waters of harbours, dams, rivers and reservoirs. It is owned by Hydropont – 04 Ltd., in which partners are Georgi Dimov and his two children Ventsislav and Albena. The vessel has been pledged before Unionbank and as the family firm cannot pay its obligations the bailiff tendered the vessel at an initial price of 144.27 thousand levs.

At the other end of North Bulgaria endash Vidin a private bailiff has places at a public tender a cargo ship. This is a small vessel that bears the name of the owner company Astom LTD. It is owned by Delian Tsvetkov. Business with cargo on the Danube however, has been so tight that it made it impossible for the company to meet its obligations to creditor UniCredit Bulbank. So the ship is put up for sale and the initial price is 97 thousand levs.

Five buses NEOPLAN, Iveco and Mercedes has also been offered at a tender by bailiff Biljana Bogdanova at the request of the creditor First Investment Bank. They have till now been the property of Dr. Maria Montessori. The Foundation has a private elementary school for language education and a kindergarten in Gorna Banya and clearly and buses were needed to ensure the transport of children. This is evident from the inscriptions on them saying Italian School. But the crisis seems to have slashed activity and ability of the Foundation to repay its debts to the bank. So now the buses are open for public sale, the original price totalling 73,344 Levs.

Among the ads are also ones for a tractor with all cultivators, planters, trailers and other necessary equipment for field work. It is owned by Veselin Tanev, a farmer from Burgas and the machine is the means he uses to earn his living. However, the money he earns is not enough to meet his obligations to the creditor EIBANK. The original price is 66,639 levs.

One should notice the extent of the sums at stake. People who are engaged in serious can not pay duties of between 60 thousand and 70 thousand levs.

The BANKER

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