Publications

Does COVID-19 relieve us of contractual obligations?

Who can plead force majeure in relation with the coronavirus and when? With a resolution of the National Assembly on March 13, 2020, a state of emergency has been declared in relation to the growing pandemic of the COVID-19. In accordance with Order No. 01-143 of March 13, 2020 issued by the Minister of Health, any visits to restaurants, bars, … Continue reading Does COVID-19 relieve us of contractual obligations?

Atelier or Apartment?

A few particularities that should be taken into account before purchasing an atelier. The purchase of an abode is an important event both in life and in economic aspect. In order to prevent unwanted surprises, purchasers should do a careful research on the ownership of the property, they should find out whether there are foreclosures, mortgages or other land charges, … Continue reading Atelier or Apartment?

What Should We Know If We Sell Goods on the Internet

The legislative amendments envisage storage of information about shipments with cash on delivery for a 5-year period with the aim to tax particular transactions. Probably everyone has an acquaintance that sells diverse goods online and thus generates an income which often exceeds the average salary in the state. How many of your acquaintances duly follow the obligations for e-commerce? Probably … Continue reading What Should We Know If We Sell Goods on the Internet

Will the Suggested Amendments to the Commercial Act Deteriorate the Business Climate?

Amendments to the Commercial Act were voted on first read in the end of November after being introduced by the left. The objective is better protection of workers and employees in the case of non-payment of the due remuneration for more than two months. The amendments give workers and employees the opportunity to initiate bankruptcy proceedings against their employer and … Continue reading Will the Suggested Amendments to the Commercial Act Deteriorate the Business Climate?

Acceleration of the Criminal Proceedings

Among the most important matters regarding the latest alterations in the Code of Criminal Procedure is “Acceleration of the criminal proceedings” – arranged in Chapter 26. The alterations have been in force since November 5. They have raised controversy and will probably continue to do so. A new legal term First and foremost, the used by the legislator term “acceleration” … Continue reading Acceleration of the Criminal Proceedings

Trademarks – Part of the Formula for Successful Business

Why is it important for the business that trademarks be registered? The old maxim goes that a person first works for their name, then the name works for them. This rule applies in full force for the business. Establishing a new manufacture or going through the first steps of a new company is no easy task – finding a new … Continue reading Trademarks – Part of the Formula for Successful Business

How to Travel Abroad with the Child in Case of Divorce

The problems with taking a child abroad after separation with the spouse. According to statistics the percentage of marriages ending in divorce continues to increase – not only here but in most European countries. The marriage oath ‘until death do us apart’ is rapidly losing its sense. Despite their desire to move on separately, the divorced spouses have to communicate … Continue reading How to Travel Abroad with the Child in Case of Divorce

Are We “Green” to Buy “on the Green”?

Sofia’s slogan “Grows but does not age” is becoming more and more relevant these days. For the last 10 years the capital has acquired a new look and has rapidly replaced the panel buildings with new modern housing constructions. The municipality is overloaded with requests for building permits, the notaries – with deals for huge sums, and the court – … Continue reading Are We “Green” to Buy “on the Green”?

War on Cash

The planned legislative changes on cash payment limits are part of the measures in the war on terrorism and the fight against the grey sector and tax evasion.   War on Cash is not a name of Hollywood super production. It is a slogan used by the European press to describe the European Commission’s experience abruptly limiting cash payments in … Continue reading War on Cash

What Should We Know about the Register of Bank Accounts and Safes at the Bulgarian National Bank?

Since the beginning of the year the Register of bank accounts and safes at the Bulgarian National Bank (BNB) is operating – it is an electronic information system which contains centralized data about bank accounts and bank safes of natural persons and legal entities in Bulgarian banks. Expanding the obligations of banks to provide information to state authorities is a … Continue reading What Should We Know about the Register of Bank Accounts and Safes at the Bulgarian National Bank?

Business Trips Abroad – What New?

The elimination of the inner European borders and the globalization of the economy inevitably lead to more business cooperation between Bulgarian companies and their foreign partners. This makes enterprises send employees on business trips more frequently – about project activities, conducting negotiations, etc. Since the beginning of 2017 amendments in the Labor Code connected with business trips abroad have come … Continue reading Business Trips Abroad – What New?

How New Amendments to Bulgarian Commercial Code Intend to Fight Company Larceny

Since the beginning of 2017 new amendments in the Commercial Code have come into force. They aim to increase security and counteract abuses in the field of company law. What imposed these amendments? In the last few years thefts of companies have increased dramatically. The objects of these frauds are usually companies which have property of a significant value – … Continue reading How New Amendments to Bulgarian Commercial Code Intend to Fight Company Larceny

Recognition of the Right to Deduct Tax Credit – Mission Possible?

The 14th of the month is one of the most important dates for every company, because it is related to the payment and the deduction of value added tax (VAT). Companies face VAT every month, and on a yearly basis this tax generates considerable sums. In case of a tax audit the losses due to non-recognition of the tax credit … Continue reading Recognition of the Right to Deduct Tax Credit – Mission Possible?

What is a Parking Space and Why is the Law Silent about It?

What is a parking space? The legal theory and practice are still looking for the answer to this question, but the law is silent about it. The lack of a legal definition and a normative regulation for the parking space regime creates obstacles in the development of their construction and transfer of their ownership. With the 2004 construction boom, parking … Continue reading What is a Parking Space and Why is the Law Silent about It?

Enforcement on a Pledged Commercial Undertaking in Case of Insolvency

The Law on Registered Pledges (LRP) stipulates that the initiation of bankruptcy proceedings shall not stop an already commenced execution on pledged property. Given such a scenario, the insolvency administrator should pass the pledged property to the creditor, who has the right to sell it on their own behalf and to the expense of the debtor. Should the sale fail … Continue reading Enforcement on a Pledged Commercial Undertaking in Case of Insolvency

How to Get Money from Banks with Withdrawn License

The public dispute about the Corporate Commercial Bank is rising multiple questions about the procedure, the authorities, and the rights of the depositors. The bank continues to be under special supervision and it is still not clear when and how will the investors be compensated. Here is what the current legislation has to say about the question. The Bank Deposit … Continue reading How to Get Money from Banks with Withdrawn License

Will the Expected Amendments to the Film Industry Act Boost Investor Interest

The bill to amend and supplement the Film Industry Act (“the Act”), proposed late last year by Bulgarian filmmakers, has stirred up a discussion on whether the introduction of tax credit in this field is the long-sought panacea to revive Bulgarian cinema or just another imprudent move aimed at using the otherwise positive experience of others in this area, among … Continue reading Will the Expected Amendments to the Film Industry Act Boost Investor Interest

Problems with Transfer of Property between Spouses with a Matrimonial Agreement

The new Family Code, taken effect as of valid from October 1, 2009, introduced for the first time in the Bulgarian legislation the institution of the matrimonial agreement as a tool to regulate relations between persons who are about to get or already are married. The matrimonial agreement can include clauses regarding spouses’ rights on property acquired before or during … Continue reading Problems with Transfer of Property between Spouses with a Matrimonial Agreement