On June 21, 2021 an amendment was made to the Law on "On Mortgage" (“Amendment Law”).

According to the Amendment Law, if re-auction fails to take place, mortgagee and auction organizer shall sign a protocol on the acquisition of the mortgage property by the mortgagee within 30 calendar days and the protocol qualifies as a contract.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.