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Legal market overview
Political instability in the Balkan region has meant that many law firms have seen a slowdown in a number of practice areas owing to diminished foreign investment in the region. In particular, firms have reported a fall in projects and PPP work. However, the exit of several foreign entities has encouraged some domestic growth and an increase in activity by local companies. The banking sector had a turbulent year in 2014 with several struggling Bulgarian banks being placed under government supervision. As a result of the prevailing climate, many law firms have been increasingly active in dispute resolution, restructuring and debt recovery work.
Bulgaria’s previously vibrant energy sector has been somewhat stymied and the majority of energy projects are on hold; as a result, many energy law practices have shifted to dispute resolution work, much of it pertaining to the introduction of grid access fees. The IT and technology sector remains an active area for many firms.
The Bulgarian market is very competitive with domestic firms dominating the legal landscape, including Boyanov & Co, Djingov, Gouginski, Kyutchukov & Velichkov, Spasov & Bratanov, Tsvetkova Bebov Komarevski, Kambourov & Partners and Penkov, Markov & Partners. Schoenherr (in cooperation with Law firm Stoyanov & Tsekova), CMS and Wolf Theiss are the key foreign firms in the market. Kinstellar recently entered the market with the November 2014 opening of a new office in Sofia.
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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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.
Stephen Baker, senior partner at Baker & Partners, was invited as a panelist to the International Bar Association (IBA)’s Annual Anti-Corruption conference, Paris, exploring how assets can be located, preserved and recovered in corruption cases.
HaoLiWen recently has helped clients to resolve several customs classification (HS code) cases, and the clients benefits a lot in terms of import duties saves or avoidance of administrative or even criminal penalties.
The participants of a workshop on fraud risks among senior management have discussed reasons of corporate fraud, potentially fraud-conducive environments and ways to fight it.
Danos & Associates has recently established a new office in Kiev, Ukraine. We are proud of our cooperation with Lex-Liga law firm. Lex-Liga is one of the leading law firms in Ukraine. The firm offers full services in all areas of law and is based in Kiev. Lex-Liga's lawyers and staff are highly experienced and professional.
The first translation of the report Airport Competition in Europe commissioned by Airports Council International Europe (ACI EUROPE) has been officially published in Russia. The translation was initiated by the Federal Air Transport Agency (Rosaviatsia) and was carried out by VEGAS LEX law firm and the First Infrastructure Company InfraONE.
On 2 June 2015, the Russian Constitutional Court announced its resolution concerning the claim of OOO Zapolyarneft stating that environmental charges imposed on this company were disproportionate. One of the rules of the Russian Forestry Code and the Russian Government's resolution based on it were recognised as inconsistent with the Constitution.
In the elegant atmosphere of Jugoslovenska Kinoteka in Belgrade, Karanović & Nikolić hosted a celebratoin marking two decades of business operations.
All the evidence indicates that the authorities no longer view mortgage brokers as the middle man, free from all blame. As a result, brokers are increasingly finding themselves in the dock along with people who made the fraudulent mortgage applications that aroused the interest of investigators.
23 June 2015, Ho Chi Minh City, Vietnam
Das Magazin FOCUS hat in seiner aktuellen Spezialausgabe wieder eine Liste der führenden Steuerkanzleien in Deutschland veröffentlicht. GSK Stockmann + Kollegen wurde dabei erneut im Bereich „Umwandlung, Umstrukturierung und M&A“ als Top-Steuerkanzlei ausgezeichnet und erhielt das damit verbundene FOCUS-Siegel „Top-Steuerkanzlei 2015“.