Prohibition on transferring companies with debts
26.02.2018 | 0 comments | 591 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
Registration for carrying out employment mediation activity
17.02.2018 | 0 comments | 1739 views | Categories: Procedures Licenses and Registrations
The employment mediation services can be organized and provided by persons who are eligible to provide such services according to the Bulgarian legislation. Becoming eligible requires registration for carrying out employment mediation activity with the Employment Agency at the Ministry of Labour and Social Policy. Registered mediators are provided with certificate of registration which is subject to entry in a register.
General Information
Employment mediation activity includes provision, in aggregate or separately, of mediation services for… Read the article
Personal liability for public debts of the company
15.12.2017 | 4 comments | 909 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 | 291 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
Transfer of stocks
18.08.2016 | 0 comments | 4024 views | Categories: Procedures Transfer of Companies
Stocks as a concept may be viewed in different aspects. They are part of the fixed capital and their total nominal value equals the one of the capital. They are also title of participation in a Joint-Stock Company – as expressing the membership rights. The Commerce Act defines stocks as securities certifying that their holders participate in the capital with the face value indicated thereon. Stocks may be subject to transfer.
The joint-stock company can issue various types of stocks. Grouping of stocks is done on the basis of different classification criteria. The… Read the article
Transformation of a company by change of the legal form
25.03.2015 | 2 comments | 6106 views | Categories: Procedures Transformation of Companies
Transformation of a company by change of the legal form is a form of transformation. A company participating in such transformation changes its legal form, thus converting into a company of another type - very often general partnerships transform into limited liability companies1 or LLCs transform into joint-stock companies and vice versa2.
The newly-established company becomes legal successor of the transforming company which is terminated without liquidation which is otherwise needed upon dissolution of an LLC or other company. The newly-… Read the article