The general legal framework of existing Bulgarian insolvency law covers the core features recognised by the international insolvency community and takes account of EC Regula-tions and Directives. On the other hand, it does not always achieve the proper balance between the need to address the debtor’s financial difficulty as efficiently as possible and the interests of the creditors.

This article highlights some inefficiencies of the existing Bulgarian insolvency regime compared with international best practices.

Scope

The means of obtaining information on a person’s creditworthiness were broadened in 2011 by launching a pending execution proceedings register kept by the Bulgarian Private Bailiffs Chamber.