Eight weeks ago, the sidewalks outside Bulgaria’s national bank overflowed with tens of thousands of protesters demanding new leadership in a country that has seen a carousel of 10 elected and caretaker governments over the past five years. But on Saturday, the eve of one of the most dramatic cultural changes for Bulgaria in generations, only a short line of people stood silently at the bank’s door, the New York Times reported. It was the last day before the lev, Bulgaria’s currency since the 1880s, was replaced with the euro.
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The Bulgarian Parliament adopted a bill on personal bankruptcy on second reading on Thursday, following nearly nine hours of debate, the Bulgarian News Agency reported. The law allows individuals who have been unable to meet one or more financial obligations exceeding ten minimum monthly wages for over 12 months to seek legal protection. Justice Minister Georgi Georgiev explained that the measure is not a debt amnesty, but rather a one-time opportunity for honest debtors to make a fresh start through a formal insolvency procedure.
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The bill on bankruptcy of individuals will be considered in the Bulgarian National Assembly, BNT reported. The amendments will be voted on at the 2nd reading, creating a legal framework for personal bankruptcy. Until now, Bulgaria was the only member state of the European Union without a legal framework for bankruptcy of individuals.
Trustees of Corporate Commercial Bank, currently in bankruptcy, announced the commencement of payments to creditors starting at 09:00 on November 5, 2024, novinite.com reported. This will involve amounts from the sixth partial account for distributing accepted receivables, totaling 30 million leva, as reported in a letter to BTA. The disbursement will take place through the branch network of Investbank AD. Creditors receiving funds will be responsible for any applicable fees and commissions, which will follow Investbank’s standard tariff for such operations.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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