Saving a property from enforcement and auction

When an enforcement order or an auction notice arrives, most people freeze at first. That is understandable, but at that moment time works against you. The most important step is to find out what stage the proceedings are at and exactly how much you owe. That is where we start.

We work only with sole traders and companies that have a Czech company ID (IČO), and only with business debts. This is not consumer credit. ICORENT is not a bank, a lender or a court enforcement officer. We arrange financing from our own vetted investors and guide you through the whole process.

When a property can be saved

A solution usually exists when:

• the property is worth more than the debts secured on it,
• there is still time to pay off the debt before the proceedings end,
• the debt arose from your business,
• you have income that can carry the new financing.

If any of these does not apply, we tell you. Sometimes it makes more sense to sell the property yourself, reach an agreement with the creditor or turn to an insolvency adviser.

How it works with us

You call and we find out where you stand

All we need is your IČO, the property address and what you received. We look at the title deed, the list vlastnictví (LV), verify the company and establish the amount owed, including the costs of the proceedings. Once enforcement has been ordered, the property cannot be dealt with freely, so the process is agreed in advance.

We agree the amount and length of the loan

Based on the value of the property and the size of the debt, we propose concrete options. The investor decides on the financing. You receive the contract documents only after the amount and length of the loan have been agreed and the investor has consented.

We see it through to the end

The new financing usually pays the original creditors directly. We guide you through everything until whatever is weighing on you is settled and paid.

What affects the cost

Financing in a crisis is usually more expensive than a regular bank loan. The total cost is made up of:

• the interest rate and the length of the loan,
• arrangement, valuation, notary and Land Registry fees,
• the costs of the enforcement proceedings that have to be paid,
• translation costs, if needed,
• our fee, which we always state in advance and in writing.

Risks you need to know about

• You can still lose the property. If you do not repay the new financing, the lender can enforce the pledge and sell the property.
• Total costs can be high. Compare the full amount you will pay, not just the instalment.
• Haste must not replace reading the contract. Check the penalties, maturity and early repayment terms. If you do not read Czech, ask for a translation.
• Other debts. If you do not pay off all creditors, proceedings may continue or new ones may follow.

We recommend having the contract reviewed by an independent lawyer. This page does not replace legal advice.

What to have ready for the first call

• your IČO and the property address,
• the enforcement order, auction notice or creditor demand,
• an overview of your debts and balances, if you have one.

It is fine if you do not have everything. We start with what you have to hand.