Settlement of Amounts in Judicial Collection Processes and Uncovered Balances for the Creditor
Once the auction has been duly approved and is firm, the executing party must present what is known as the final settlement of the amounts owed by the defendant. The settlement of the amounts owed will contain: • Capital Due • Interest indicating the type • The period that the interest covers • Estimate of […]
The Failed Auction and the Non-Subsistent Auction in Judicial Collection Processes
When people want to start a judicial collection process, they often ask what means they have in order to guarantee payment in an eventual conviction, in other words, how to ensure that the amount to which the defendant is sentenced will actually be collected and if it’s not going to be just a paper conviction. […]
The Auction Basis in Foreclosure and Pledge Processes
In mortgage or pledge guarantees, the auction base is an essential element since it will set the initial amount for which, eventually, a guarantee will be executed. When the base has not been previously established in the mortgage contract, the amount determined through an expert appraisal or the value registered in the Municipality when it […]
Participation and Allocation of Assets by Auction
When the auction is held in a judicial collection process, the person in charge of presiding over it will ask who is interested in participating in the auction, so that they can be duly identified. Once this point has been verified, the edict will be read and the basis for the auction will be announced. […]
Basic Aspects of the New Civil Procedural Code
This past October 8th, the New Civil Procedural Code (NCPC) came into force, law number 9342, which repeals almost entirely the past code (CPC) and modifies important procedural institutes that adapt to the dynamics of an oral procedural system. This orality and immediacy characteristic implies one of the pillars of the reform in the civil […]
Factoring in Costa Rica: quick cash for your company
There is a flexible tool to turn to when a company requires a short-term liquidity to operate normally. Factoring (also known as discount of invoices) is a figure that is used in Costa Rica to get financing, without the need to go to a bank to process a loan. It consists to convert into cash, accounts receivable: Invoices, bills of exchange, promissory notes, […]
Judicial Collection in Costa Rica: Law 8624 calls for expeditious judicial collections
The Judicial Collection Law (# 8624), effective in Costa Rica since May 20th, 2008, completely changed the way the judicial collection files were processed, and put in order those people who failed to comply with the payment of debts, regardless the amount. Let´s recall that the judicial collection applies to those who have debts with public or private entities: Banks: credit cards or loans […]
