The 2014 collapse of the Corporate Commercial Bank (ranked 4th in the country) raised doubts  about  the  accuracy  of  the  overall  liquidity  ratio  (34.80%)  and  asset  value (approx. EUR 44.07 billion) of  the  banking  sector  in  Bulgaria,  not  least  because  assets had been evaluated according to  the  internal  rules  of  the  respective  credit  institutions.

On 2 January 2017, amendments to the Bulgarian Commerce Act (the "Act") entered into force in Bulgaria. Amongst the aims of the Act is to prevent falsification of documents by introducing new formal requirements for certain agreements and shareholders' resolutions.

STRICTER FORMAL REQUIREMENTS FOR AGREEMENTS