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Legal market overview
The global economic crisis dealt a blow to the Bulgarian market that has resulted in the bankruptcy of many small and medium enterprises. This has led to a significant rise in the number of commercial litigation and competition proceedings as well as restructuring and debt recovery work. Energy has been a particular area of growth in Bulgaria for a number of years and it is the focal point for many law firms in the market, particularly in the renewables sector, although the recent introduction of grid access fees for renewable energy producers will undoubtedly have an effect on investment in the sector in the near future. Despite this, there is still substantial interest in projects that are already up and running.
Market-leading local firms such as Boyanov & Co and Djingov, Gouginski, Kyutchukov & Velichkov are facing stiff competition from increasingly high-profile firms such as Spasov & Bratanov, Tsvetkova Bebov & Partners, Attorneys-at-Law, Kambourov & Partners and Penkov, Markov & Partners, as well as foreign firms, chiefly CMS Cameron McKenna LLP – Bulgaria Branch, Wolf Theiss and Schoenherr (in cooperation with Law firm Andreev, Stoyanov and Tsekova).
Legal Business: country analysis
Breaking new ground – advisers hope shale revolution can restart CEE market
Weighed down by political unrest and slowing economies, energy and infra projects look like one area to be driving
the CEE economy. Can the shale revolution power up
Click here to read the feature.
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OVER-INDEBTEDNESS IN THE BANKRUPTCY PROCEEDINGS
POSTPONEMENT AND DEFERRAL OF PUBLIC LIABILITIES
The New Provisions on Gambling in Bulgaria
FEES AND EXPENSES IN THE CIVIL PROCEEDINGS
Protection of the creditors in the liquidation procedure
The latest amendments to the Bulgarian Commerce Act are intended to implement the Late Payment Directive (2011/7/EU) (the “Directive”). The Directive was adopted in February 2011 and was due to be implemented by 16 March 2013. Currently, is adopted in 17 of 27 Member States of the EU. The aim of the Directive is to prevent the grossly unfair treatment of those creditors who are unable to negotiate level-playing field payment terms, irrespective of whether that status is due to the creditors’ weaker bargaining power or to the fact that the terms are in fact subjected to limited negotiations, as with public procurements. The scope of the amendments in the Bulgarian legislation implementing the Directive concern only business to business and government to business transactions , for which maximum terms are introduced for payment of monetary obligations. Unfortunately, the amendments do not entirely implement the Directive and certain provisions of this EU legislation have been left out, such as:
At the end of 2012 the Competition Protection Commission adopted guidelines regarding corporate compliance programmes. In general, the guidelines highlight the advantages of these programmes. Through the guidelines, the commission aims to encourage businesses to develop and implement compliance programmes in order to reduce or avoid the risks of non-compliance with competition law.
GSK advises Rockspring on the formation of a joint venture and the acquisition of 23 big box retail parks with a value of EUR 350 million
Mateusz Chmielewski has considerable international experience in providing legal advice on capital markets transactions. He has advised leading financial companies and institutions on important private and public offerings of shares, bond issues (including high-yield bonds and convertible bonds), as well as medium-term bond programmes. Mateusz Chmielewski graduated in law from the University of Warsaw and the University of Cambridge. Before joining Gide, he worked for Greenberg Traurig in Warsaw, and before that, as a solicitor in the London and Singapore offices of Ashurst. After returning to Poland, Mateusz Chmielewski worked on many of the largest IPOs and secondary offerings of shares.
On 9 February 2015, Erste Bank Hungary entered into an agreement with the Hungarian Government and the European Bank for Reconstruction and Development (EBRD). Pursuant to the agreement, both the Hungarian Government and the EBRD will participate in Erste Bank Hungary’s capital increase and will each acquire a 15% of the share capital of the bank, which is part of the Vienna-based Erste Group. With the planned increased capital, Erste Bank Hungary has committed to increasing its lending activity in certain sectors (public, energy, and agricultural sectors) that the Hungarian Government views as strategically important. It is envisaged that Erste Bank Hungary will provide credit facilities in the aggregate amount of approximately EUR 550 million for the above-mentioned sectors. read more...
Der schwedische Private Equity Investor EQT hat in der vergangenen Woche die E.I.S. Aircraft Gruppe vollständig übernommen. Die E.I.S. Gruppe besteht aus der E.I.S. Holding GmbH, der E.I.S. Aircraft GmbH und der DEVA-Kunststofftechnik GmbH. Auf Verkäuferseite stand eine Gruppe von Privatinvestoren. Über den Kaufpreis wurde Stillschweigen vereinbart.
Der schwedische Private Equity Investor EQT ist in Deutschland seit Anfang 2014 über seinen Midmarket-Fonds am Bäckerei-Discounter Backwerk beteiligt. EQT unterzog die Beteiligungsfinanzierung bzgl. der BackWerk-Gruppe nun einer komplexen Refinanzierung.
Representing a well-known international retailer, HaoLiWen IP and customs lawyers have recently settled a trademark lawsuit concerning OEM products shipped from China. The shipment once seized by China Customs was released to the satisfaction of the client.
Stuarts Walker Hersant Humphries is pleased to announce the promotion of Richard Annette to Head of the Litigation department.
Die Hauptversammlung der nextevolution Aktiengesellschaft, Hamburg, hat am 19. Dezember 2014 mit großer Mehrheit die Übertragung der Aktien der Minderheitsaktionäre auf die Hauptaktionärin HeidelbergCapital Private Equity Fund II GmbH & Co. KG gegen Gewährung einer angemessenen Barabfindung in Höhe von EUR 6,23 je Aktie beschlossen.