The possibility of issuing bearer stocks will no longer be available
21.01.2019 | 0 comments | 118 views | Categories: News Registration of Companies
On October 23, 2018, the Law on amendment of the Commerce Act1 (LACA) was promulgated in issue 88 of the State Gazette. The law transposes the requirements of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing2 – more particularly those of Article 10, paragraph 2 requiring Member States to take measures to prevent misuse of bearer stocks (shares). Bulgaria’s legislative decision, as implemented through the amendment of the… Read the article
New law puts companies under the obligation to declare their beneficial owners
08.05.2018 | 0 comments | 150 views | Categories: News Filings with the Commercial Register
The newly passed Measures Against Money Laundering Act1 (MAMLA) was promulgated in issue 27 of the State Gazette, dated March 27, 2018. The new law transposes the requirements of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing2, its main goal being the achievement of greater efficiency in preventing the use of the financial system for money laundering purposes – through providing for various measures, such as: customer due… Read the article
Prohibition on transferring companies with debts
26.02.2018 | 0 comments | 131 views | Categories: News Transfer of Companies
On December 22, 2017, the Law on amendment and supplement of the Labour Code1 was promulgated in issue 102 of the State Gazette. The said law aims at ensuring additional protection of the rights of employees and workers in situations where their employers fail to pay outstanding remunerations (salaries, wages) and compensations – by introducing a prohibition on transferring companies with debts.
A number of safeguard measures have been introduced, including:
enhancing the control functions of the General Labour Inspectorate by granting it… Read the article
Personal liability for public debts of the company
15.12.2017 | 4 comments | 142 views | Categories: News Transfer of Companies
On August 4, 2017, the Law on amendment and supplement of the Tax and Social Insurance Procedure Code (TSIPC)1 was promulgated in issue 63 of the State Gazette. The amendments to Art. 19 of the TSIPC – “Liability of a Third Party” are among the more significant changes introduced. Some further amendments to the said provision have been made with issue 92 of the State Gazette, dated November 17, 20172.
The provision of Art. 19 of the TSIPC sets forth the liability of third parties for outstanding public debts of the liable persons under Art. 14, par… Read the article
Legal protection against corporate hijacking
23.01.2017 | 0 comments | 65 views | Categories: News Transfer of Companies
On December 30, 2016, the Law on amendment and supplement of the Commerce Act (LASCA) was promulgated in issue 105 of the State Gazette1. Many of the introduced amendments concern bankruptcy proceedings but there are also other amendments to the Commerce Act aimed at providing legal protection against the so-called “corporate hijacking” – such other amendments will be subject to this article.
Numerous signals to the Ministry of Justice have become the particular reason for passing the law amendments – such signals referring to instances of corporate hijacking… Read the article
Offshore companies subject to legal regulation
10.02.2014 | 0 comments | 100 views | Categories: News Filings with the Commercial Register
The Act on the Economic and Financial Relations with Companies Registered in Preferential Tax Regime Jurisdictions, the Persons Related to Them and Their Beneficial Owners1 (the “Offshore Companies Act”) was promulgated in issue 1 of the State Gazette, dated January 3, 2014.
The new law was passed as part of the attempt of the legislator to counteract illegal schemes involving the use of companies registered in offshore zones (legal definition for “preferential tax regime jurisdictions” is available in the Supplementary Provisions of the law, referring to § 1… Read the article