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Number of Property Sold at Auction Growing

During the year, the amount of property sold at auction in Georgia has increased.

According to the registry  of debtors, in January-August 2014  in total 1154 units of the property were sold via auction, while in the same period of 2013 – 1 137.

In addition, according to the register, as of October 1, 129 180 individuals and legal entities are included in the list of debtors.

Along with that, it is virtually impossible to establish whether there is a trend to an increase in the number of debtors, as the registry is constantly changing.

“One and the same person may be considered a debtor several times depending on how many times a case was filed against him ​​in the court. The number of debtors in the list does not coincide with the number of debtors against whom a decision on the confiscation of property for the payment of debts was adopted. In addition, a few people may appear in one case on a debt, “- say in the registry.

According to the expert Levan Kalandadze, the government has done nothing to reduce  the list of debtors.

“There is a very difficult socio-economic situation In Georgia, people take debts, and then cannot cover the loans. In order to reverse this trend, we need a number of the authorities’ initiatives, and especially the general improvement of the situation, the second – the debtors should be given more opportunities to cover the debts. Otherwise, the list of debtors will continue to grow, “- the expert notes.