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    Bulgarian avoidance actions in line with EU Proposal
    2024-03-08

    The EU Commission issued a proposal for a Directive harmonising certain aspects of insolvency law, EU (COM(2022) 702 final. Although still being discussed, the Proposal is unlikely to result in material amendments to existing Bulgarian insolvency avoidance actions, which follows the principles set out in the Proposal and in many ways affords creditors a greater level of protection. Nevertheless, certain time periods and rules on the implementation of the avoidance actions may need to be amended in the Bulgarian law.

    Filed under:
    Bulgaria, European Union, Insolvency & Restructuring, CMS Legal, Insolvency
    Authors:
    Atanas Bangachev , Dimitar Zwiatkow , Katya Todorova
    Location:
    Bulgaria, European Union
    Firm:
    CMS Legal
    Pre-pack insolvency sale in Bulgaria with a view of the proposed new directive harmonising certain aspects of insolvency law
    2023-09-13

    The pre-pack insolvency sale is not currently regulated under Bulgarian law.

    The Bulgarian law currently regulates the implementation of a recovery plan as a stage of opened insolvency proceedings, such recovery plan may provide for the sale of the business as a going concern, or the sale of a business as a going concern prior to opening insolvency proceedings. The recovery plan is described in more detail below.

    Filed under:
    Bulgaria, Insolvency & Restructuring, CMS Legal, Insolvency, European Commission, European Parliament, European Council
    Authors:
    Atanas Bangachev , Katya Todorova
    Location:
    Bulgaria
    Firm:
    CMS Legal
    Transposition of EU Restructuring / Second Chance Directive in Bulgaria: problems with new ipso facto prohibitions under commercial and financial transactions
    2023-08-31

    "Bulgaria transposed the Restructuring Directive's prohibition to terminate contracts via ipso facto clauses, but also (deviating from the Directive) prohibited contractual set-off in restructuring, thus rendering the preservation of many contracts performed via contractual set-off / netting of payment meaningless. So, in drafting ipso facto clauses the impossibility to perform contracts in restructuring, due to the contractual set-off prohibition, may be utilised as an additional trigger for termination, now".

    Filed under:
    Bulgaria, Insolvency & Restructuring, Schoenherr
    Authors:
    Tsvetan Krumov
    Location:
    Bulgaria
    Firm:
    Schoenherr
    Bulgaria introduces new regime for insolvency of merchants
    2023-08-10

    The Bulgarian government has introduced a new form of insolvency regime directed at merchants effective from 1 July 2023. In this new framework, a merchant is distinctly defined as an individual involved in business or practising a craft or a liberal profession. The criterion for the classification is the nature and scale of the operations, which should not necessitate conducting activities in a purely commercial manner.

    Filed under:
    Bulgaria, Insolvency & Restructuring, CMS Legal, Insolvency
    Authors:
    Desislava Anastasova , Antonia Kehayova
    Location:
    Bulgaria
    Firm:
    CMS Legal
    A guide to pre-insolvency and insolvency proceedings across Europe
    2023-07-06

    The events in the last few years have had significant and lasting impacts on business in general and restructuring in particular, with the latter referring to the various options available for firms experiencing difficulties. European economies, hit by both the upheavals caused by the health crisis and geopolitical tensions, have also been a

    Filed under:
    Austria, Belgium, Bulgaria, Cyprus, Czech Republic, European Union, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Lithuania, Malta, Netherlands, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Ukraine, United Kingdom, Insolvency & Restructuring, Deloitte Legal
    Location:
    Austria, Belgium, Bulgaria, Cyprus, Czech Republic, European Union, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Lithuania, Malta, Netherlands, Poland, Portugal, Romania, Spain, Sweden, Switzerland, Ukraine, United Kingdom
    Firm:
    Deloitte Legal
    Bulgaria: Contractual set-off as a quasi-security in commercial and financial transactions
    2022-05-25

    The Supreme Court confirmed parties' freedom to contractually modify any of the prerequisites for set-off under Bulgarian law, thus permitting various quasi-security arrangements in commercial and financial contracts that creditors may avail themselves of.

    Prerequisites for statutory set-off in Bulgaria

    Filed under:
    Bulgaria, Insolvency & Restructuring, Litigation, Schoenherr, Supreme Court of the United States
    Authors:
    Tsvetan Krumov
    Location:
    Bulgaria
    Firm:
    Schoenherr
    Bulgaria: Will there be a surge in insolvency/ restructuring work in the aftermath of the pandemic?
    2022-01-19

    So far, the Bulgarian economy has encountered various COVID-19-related effects, but a surge in insolvencies is not yet one of them. Although the Bulgarian state was slow in implementing measures to help companies affected by the pandemic – which measures turned out to be insufficient – there has been no visible increase in bankruptcy proceedings since 2020.

    Filed under:
    Bulgaria, Banking, Insolvency & Restructuring, Schoenherr, Coronavirus, European Commission
    Authors:
    Dimitar Vlaevsky , Tsvetan Krumov
    Location:
    Bulgaria
    Firm:
    Schoenherr
    Future NPL portfolio sales in Bulgaria could attract international investors
    2021-08-04

    The sale of portfolios of non-performing loans (NPLs) in Bulgaria is once again a hot topic. Lenders expect the percentage of work-out exposures to increase as the government's various stimulus packages come to an end. However, following a multitude of successful portfolio NPL sales in the years prior to COVID-19, more and more international investors are expressing interest in the local market.

    What does this mean for NPL portfolio sales in Bulgaria?

    There are several factors that will play a major role in the future of NPL portfolio sales in Bulgaria:

    Filed under:
    Bulgaria, European Union, Banking, Insolvency & Restructuring, Litigation, CMS Legal, Coronavirus, Non-performing loans, Privatisations
    Authors:
    Ivan Gergov , Berdzh Draganov
    Location:
    Bulgaria, European Union
    Firm:
    CMS Legal
    Enforcing Security over Real Estate and Shares across Europe
    2016-10-19

    September 2016 CMS_LawTax_Negative_28-100.eps Enforcing Security over Real Estate and Shares across Europe 2 | Enforcing Security over Real Estate and Shares across Europe 3 Introduction 4 Albania 5 Austria 6 Belgium 7 Bulgaria 8 Czech Republic 9 England and Wales 10 France 11 Germany 12 Hungary 13 Italy 14 Luxembourg 15 Montenegro 16 Netherlands 17 Poland 18 Portugal 19 Romania 20 Russia 21 Scotland 22 Serbia 23 Slovakia 24 Slovenia 25 Spain 26 Turkey 27 Ukraine 28 Contacts Contents 19 practice and sector groups working across offices Ranked 2nd most global law firm in the Am Law 2015 Glob

    Filed under:
    Albania, Austria, Belgium, Bulgaria, Czech Republic, France, Germany, Hungary, Italy, Luxembourg, Montenegro, Netherlands, Poland, Portugal, Romania, Russia, Serbia, Slovakia, Slovenia, Spain, Turkey, Ukraine, United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, Litigation, Real Estate, CMS Cameron McKenna Nabarro Olswang LLP
    Location:
    Albania, Austria, Belgium, Bulgaria, Czech Republic, France, Germany, Hungary, Italy, Luxembourg, Montenegro, Netherlands, Poland, Portugal, Romania, Russia, Serbia, Slovakia, Slovenia, Spain, Turkey, Ukraine, United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    CMS Expert Guide to restructuring and insolvency law
    2020-09-01

    Restructurings, especially those involving multiple jurisdictions, are invariably complex matters. This CMS Expert Guide provides an overview of the various restructuring possibilities available in a large number of countries, allowing you to compare how the options are deployed in these jurisdictions.

    We intend to update it periodically to reflect important changes as they happen.

    If you need more information or have any questions, please do not hesitate to contact us.

    Filed under:
    Angola, Austria, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, China, Colombia, Croatia, Czech Republic, European Union, France, Germany, Global, Hungary, Italy, Kenya, Luxembourg, Netherlands, Peru, Poland, Portugal, Romania, Serbia, Singapore, Slovakia, Slovenia, Spain, Switzerland, Ukraine, United Arab Emirates, United Kingdom, USA, Banking, Company & Commercial, Employment & Labor, Insolvency & Restructuring, Litigation, Public, CMS Germany, Brexit, Due diligence, Coronavirus, Court of Justice of the European Union
    Location:
    Angola, Austria, Belgium, Bosnia and Herzegovina, Brazil, Bulgaria, China, Colombia, Croatia, Czech Republic, European Union, France, Germany, Global, Hungary, Italy, Kenya, Luxembourg, Netherlands, Peru, Poland, Portugal, Romania, Serbia, Singapore, Slovakia, Slovenia, Spain, Switzerland, Ukraine, United Arab Emirates, United Kingdom, USA
    Firm:
    CMS Germany

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