Set-off as a Means for Extinguishing Financial (Public) Obligations in the Republic of Bulgaria

The widely spread monetary character of financial receivables and obligations allows the use of the legal concept of set-off in financial law as well. This article considers the influence of the specificities of regulated public relations and the sovereign method applied in financial law on the requirements and the conditions for the use of set-off for the purposes of the discharge of financial receivables and obligations.This article analyses the general and the special legal framework regulating the requirements and the conditions for the use of set-off for the purposes of the discharge of financial receivables and obligations. It considers different cases where the set-off of financial receivables and obligations is allowed - set-off by revenue organs, set-off by the organ competent to determine the financial obligation, set-off during an enforcement procedure, as well set-off of financial receivables and obligations in accordance with certain special laws.A particular attention is given to the sovereign act on the basis of which the set-off of financial receivables and obligations is performed - the set-off act, as well as the organs competent for its issuance.