Under Bulgarian law, persons who manage and represent companies and cooperatives (“Officers”) have a duty to file for bankruptcy 30 days from the cessation of payments if the entity they manage and represent becomes insolvent. Apart from the personal liability to creditors for late filing, the aforementioned Officers could be held criminally liable. During the last few years, the practice of the lower courts regarding this criminal liability was inconsistent. Generally there were two interpretations of the law: