Amendments to Bulgaria’s Bank Insolvency Act Pass 2nd Reading in Parliament

Bank Insolvency Act amendments aimed at allowing easier access of creditors to information related to the insolvency proceedings passed second reading in Parliament on Wednesday, the Sofia News Agency reported. Under the newly adopted provisions, the list of creditors who have submitted claims against a bank undergoing insolvency proceedings will be published in the Business Register. The amendments to the Bank Insolvency Act were backed by 91 MPs, with no votes against and two abstentions. All other documents prepared by the liquidators, which are related to the rights of the creditors, such as the lists of approved claims, of challenged claims, of objections, etc, will also be accessible via the Business Register, according to investor.bg. The main reason behind the changes is to ensure that creditors of a bank undergoing insolvency proceedings are informed faster about the circumstances related to the exercise of their rights. The legal amendments also alleviate the procedure for the submission and review of creditors’ objections to decisions of the liquidators. Read more.
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