News | Deyan Sotirov | Corporate Lawyer

In the News section I will publish articles on newly adopted laws and other legislation acts in the field of corporate and company law, as well as articles on recent amendments and supplements to the legislation in force (Commercial Register Act, Commerce Act, etc.).

Publications will also include information on recent judgements in cases of the Commercial Department of the Supreme Court of Cassation having important practical relevance to the services presented on the website.

A list of all news published on the website may be found further below on the page.

Newsletter

If you want to receive (once per two months) notifications on the latest corporate law news, you could subscribe to our Newsletter – through using the special web form at the end of the page or through selecting the respective option upon sending another of the web forms.

The Newsletter will also contain news and updates on commercial law matters which have not been published on the website, including such of important practical relevance (for example, the Registry Agency introducing a new SMS notification service). Important deadlines will be also included in the Newsletter, such as: for filing annual tax returns, for submission of annual financial statements, etc. Subscribers will be also emailed links to some of the most interesting questions and answers which have been published on the website during the past period.

For the time being the Newsletter will be prepared and delivered in Bulgarian language only.

All News:

The legal framework for accelerated and facilitated liquidation of companies is now a fact

15.10.2024 | 0 comments | 39 views | Categories: News Dissolution of Companies

Law on amendment and supplement of the Commerce Act¹ was promulgated in issue 82 of the State Gazette, dated September 27, 2024. With part of the amendments a new legal framework for accelerated and facilitated liquidation of companies was introduced - its main element being the provision of the new Article 274a “Quick Liquidation Procedure”, systematically included in Chapter Seventeen of the law. The further exposition of this article will refer namely to the new possibility for a faster and easier closing down of a company with focus on the particular ways of achieving the… Read the article

Start-ups now with a new option: the variable capital company

24.10.2023 | 0 comments | 1296 views | Categories: News Registration of Companies

Law on amendment and supplement of the Commerce Act¹ was promulgated in issue 66 of the State Gazette, dated August 1, 2023. It introduced an entirely new for the Bulgarian commercial law company form: the variable capital company (VCC). The further exposition of this article will refer namely to the variable capital company - it is not intended to be exhaustive but rather to highlight some of the more interesting moments characterizing the new company. The introduction of the new legal form is aimed at meeting the needs of the innovative and growth-oriented… Read the article

The possibility of issuing bearer stocks will no longer be available

21.01.2019 | 0 comments | 507 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 | 600 views | Categories: News Filings with the Commercial Register

The newly passed Measures Against Money Laundering Act¹ 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 diligence… Read the article

Prohibition on transferring companies with debts

26.02.2018 | 0 comments | 530 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. A number of safeguard measures have been introduced, including: enhancing the control functions of the General Labour Inspectorate by granting it powers to carry out inspections where labour remunerations and… Read the article

Personal liability for public debts of the company

15.12.2017 | 4 comments | 685 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