Glossary

  • Buying debts

    Purchasing the debts of a creditor (including the rights and obligations that are entailed) by a specialised recovery agency

  • Payment agreement

    An agreement to clear a debt by instalments in a specific time period which the creditor and debtor have reached

  • Assignor

    Creditor that assigns their right to a debt to an individual or a company by means of an assignment contract

  • Assignee

    An individual or a company to whom a creditor assigns an asset or the right to a debt by means of an assignment contract

  • Debt assignment

    A contract by which the creditor assigns their rights to the debt (by charging a fee) as opposed to their debtor

  • Receivables

    A creditor’s right to require the debtor to give, to do or not to do something; document which stipulates this right

  • Certified debt

    Debt whose legal existence is certified by a document

  • Co-debtor

    Individual who is jointly in debt with the debtor in a credit agreement

  • Fiduciary collection

    The transfer of the legal ownership as a consequence of the debt assignment, the usufructuary rights belonging to the creditor

  • Acknowledgement of debt

    The acknowledgment of a debt by the debtor

  • Co-signer

    See Co-debtor.

  • Payable receivables

    Receivables which have reached maturity due to which the creditor may immediately request the launch of the enforcement proceedings

  • Liquid receivables

    Debts which can be precisely determined (for instance, debts which consist in a precise amount of money or specific generic assets)

  • Litigious Receivables

    Receivables which the debtor contest

  • Creditor

    A company that has lent an amount of money or that is entitled to receive it from a debtor

  • Maturity date

    Date by which a certain payment becomes due and is to be made

  • Debt

    See Receivables

  • Debit

    See Receivables.

  • Debtor

    An individual or a company that is to clear a debt to a creditor; debtor

  • Legal interest

    Interest the debtor is to pay in case of any delay in clearing the debt unless the parties have contractually agreed on the extent of the penalty interest or on the moratory damages. The legal interest represents the referential interest rate announced by the National Bank of Romania (NBR) to which 4 percentage points are added.

  • Penalty interest

    Interest that accumulates to the monthly rate if the debtor does not pay off the debt by the maturity date

  • Enforcement proceedings

    Judicial procedure to recover debts or debits which have been established through enforceable titles such as the orders of courts, notarial contracts regarding assets or amounts of money, loans and other similar contexts.

  • Bailiff officer

    A clerk appointed by the Ministry of Justice that fulfils the obligation established through an enforceable title (obligation which has not been fulfilled willingly) which can be represented by orders of civil courts, commercial courts or criminal courts, loan contracts of a credit institution, authentic notarial acts as well as other orders or acts which, according to the law, can be enforced.

  • Insolvency

    The status of the debtor’s assets which is characterised by the insufficiency of funds regarding the payment of the payable receivables

  • Payment order

    Bonds released by a bank account holder (issuer) addressed to the bank that manages the respective deposit through which the account holder requests the bank to pay a certain amount of money to another individual, called beneficiary

  • Principal

    An individual or a company that by means of a mandate empowers a third party to legally act on their behalf

  • Mandatary

    An individual or a company empowered by a third party by means of a mandate to legally act on their behalf

  • Delay penalties

    Amounts of money accumulated to the main debt

  • Amicable procedure

    Method by which the creditor seeks to recover the debt through negotiation with the debtor

  • Judicial proceedings

    Procedure by which the creditor seeks to judicially recover the debt (by bringing the case to court and/ or by enforcement proceedings)

  • Payment summons

    Procedural act which, according to the law, the bailiff officer must fulfil before the actual enforcement proceedings which consists in addressing a written invitation to the debtor to pay the amount of money to the creditor

  • Enforceable title

    Document by which the creditor may solicit from the competent public bodies to compel the debtor to clear their debt through the enforcement proceedings

CEE Collect România

Address: Str. Emanoil Porumbaru ,nr.25A, int.503, Sector 1, Bucuresti Romania
Ph: 004 031 620 31 81
Ph: 004 031 620 31 89
Fax: 004 031 620 31 87
E-mail: general@ceecollect.ro

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