Posted on 01 Jan 2012
The management and disposal of confiscated assets are important aspects of the overall process of confiscation, but they still remain marginal to the public debate in Bulgaria.
The existing legal and procedural gaps impede the effective management of confiscated property, frequently causing its plundering or demolishing.
The sale of confiscated real estate is further complicated by problems with mortgages and executive charges, incomplete property Documentation, reputation of the former owner, and unfavourable market conditions.
The Bulgarian legislation concerning the allocation of proceeds from the sale of confiscated property is not in compliance with the relevant ratified UN conventions, which recommend using these revenues for
compensation of the victims of crime.
The legal possibilities provided by Bulgarian law for re‐use of confiscated property for socially beneficial purposes are seldom applied and are not sufficiently publicised among the potential beneficiaries.
Among the important legislative gaps is the lack of a specific procedure for the transfer of confiscated real estate. The introduction of such an instrument could facilitate the utilization of these assets for the public benefit.