- Intellectual property
- Corporate / M&A
- International Trade
Executory process / Is it possible foreclosure on the mortgaged property if there are children?
The foreclosure on the property which is pledged is possible both in the presence and in the absence of children. The presence of children is not a condition the release of the debtor from liability for failure or improper fulfillment of their obligations.
In accordance with Art. 26 of the Law of Ukraine "On Securing Creditors‘ Claims and registration charges", the weighting agent may at its discretion choose one of the following methods of extrajudicial foreclosure on the secured encumbrance:
1) transfer of movable property which is the subject of the security burden in the property by onerous in the secured encumbrance in the manner prescribed by this Act;
2) the sale of the security burden burdensome thing by entering into sale and purchase agreement with another person, the buyer, or at public auction;
3) The assignment of rights onerous encumbrance satisfy the secured claim, if the subject of the security burden is the right monetary claim;
4) transfer of the corresponding sum of money burdensome, including the direct debit order, if the subject of the security burden is money or securities;
5) implementation of the mortgaged property on the basis of executive notary.