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New Ley de Cobro
Judicial Allows
Municipalities To
Collect From Later
Payers
For later payers
tomorrow, June 30, is
the last day to make
payment on taxes and
other debts to the local
municipalities. Come
July 1, municipalities
will be taking action
like garnishing wages
and selling off
properties to recover
back taxes.
Tomorrow is the last day
to pay the second
installment of municipal
taxes and services and
municipalities now have
a new tool to combat
against late payers
called the new "Ley de
Cobro Judicial"
(Judicial Recovery Act
in English).
The new law went into
effect last month and if
effectively cuts the
process of debt recovery
from some 2 years to
only three months. In
addition, the new law
created a special court
which can handle up to
5.000 cases a month.
The objective of the Ley
de Cobro Judicial is to
reduce the number of
late payers, a situation
that had become a
serious problem for
municipalities which
constantly face, on a
national scale, a late
payment rate of 40%.
The new law will be sure
to put an end to the
problem as
municipalities can now
take quick action
against later payers and
effectively sell off a
property before the end
of the year for failure
to pay the second
installment, for
example.
Municipalities report
that as of close of
business Friday they had
collected ˘4.2 billion
colones of the ˘5.1
billion that is expected
to be collected.
The new Ley de Cobro
Judicial also allows
financial institutions
or anyone is owed money
to file a claim and
recover within months
what is owed them rather
than years.
Effectively, private as
well as state creditors
can now use the new Ley
de Cobro Judicial to
file a claim and quickly
get judgement. Or at
least open the door to
negotiations with their
debtors.
In the past creditors
have used the lengthy
and time consuming
system as way of
avoiding paying their
debts, finding that some
creditors deciding not
to pursue the legal
remedy or giving up
during the process.
The Ley de Cobro
Judicial puts an end to
all that. |
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