Bankruptcy and insolvency in Bulgaria is governed by the provisions of Part IV of the Bulgarian Commerce Act that were initially introduced in 1994.
Some believe that the Bulgarian insolvency law is in “high compliance” with international standards (EBRD 2009 Insolvency Law Assessment). According to others, however, “Bulgaria’s corporate insolvency law has not provided efficient mechanism for resolution of companies’ financial difficulties in a way that does not unduly prejudice creditor rights” (World Bank 2003 Financial Sector Assessment Program).
Any bankruptcy ignites a myriad of conflicting and interdependent interests with one focal point – satisfaction from the debtor’s assets. This is why, as a rule, bankruptcy/insolvency rules are intrinsically complicated and are aimed at the hardly achievable objective of the universal creditors’ satisfaction. In addition to the natural legal intricacies of bankruptcy/insolvency rules, it appears that Bulgaria has conceived its provisions in certain respects too cumbersome and inefficient.
Delchev & Partners’ bankruptcy lawyers possess thorough knowledge of every aspect of bankruptcy law and have represented virtually every type of client during bankruptcy/insolvency procedures – . Delchev & Partners lawyers have acted for creditors of insolvent companies, insolvent companies as well as companies that are attacked in court as purportedly insolvent. Delchev & Partners’ also employs lawyers who are capable of becoming administrators (trustees) of bankrupt / insolvent companies.
Delchev & Partners is a prime, full service, commercial law firm with offices in Sofia and Plovdiv, Bulgaria. Our experienced team of professional lawyers and expert consultants provide quality legal, corporate and tax services in various practice areas to multinational corporations, international companies, closely held foreign and local businesses, local entrepreneurs, exempt organizations and individuals, based or operating in any major Bulgarian city – Sofia, Plovdiv, Varna, Burgas, Stara Zagora etc.