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Official Gazette

Wednesday, July 8, 2020

Some conditions for debt collection service to be abolished

Updated: 14:32’ - 06/09/2017
The Ministry of Finance is considering proposing the Government to annul Decree 104 dated June 14, 2007, on debt collection service provision instead of issuance of a new decree to replace it.

The ministry plans to eradicate provisions on conditions for debt collection service providers such as capital and criteria for managers and employees as well as debt collection service provision principles and methods.

It will also invalidate relevant regulations on the state management of these services with a view to increasing enterprises’ right to freely conduct business lines.

To provide debt collection services, enterprises must only observe regulations on  security and order conditions prescribed in Government Decree 96 dated July 1, 2016, on security and order requirements and state management of business lines subject to security and order requirements; and transactions between a debtor, creditor and debt collection service provider must only follow their own agreements under regulations.-(VLLF)

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