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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
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Bulgaria > Legal Developments > Corporate & Commercial > Law firm and leading lawyer rankings


Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or


The challenges of inheriting shares in a limited liability company in Bulgaria

75 % of the small to mid-size companies in Bulgaria are owned by families and their development has a significant role in defining the economy of the country. In the EU, family owned businesses represent more than 60% of all registered companies and ensure over 40% of the overall employment.

GDPR - Where did that come from?

Owing to our hard work on matters, related to the GDPR by assisting our clients with regard to the new policies required, we thought it would be interesting to highlight the ideas and grounds, hidden behind the new data protection requirement. Lately we've been working for companies, striving to become compliant with the new Regulation, which already entered into force on 25th of May 2018. The article draws attention to the relevant consecutive ongoings, which describe the necessity of a regulation, containing the best principles from the previous ones on the one hand, and guaranteeing adequate level of protection on the other.

Why Don’t We Have the Will to Improve the Investment Climate?

All investors, especially those from abroad, when asked about the investment climate in the country indicate a number of factors, besides tax rate, that influence their overall assessment. These factors relate to different areas of business and life in general, but have so far unfortunately gone unnoticed by governments.

Violation of Inheritance Rights over Shares in Limited Liability Companies

It is a well-known fact that the limited liability company (LLC) was ‘invented' by German legislators more than 110 years ago as a harmonious combination of an intuitu perosnae and a shared capital company. As a legal form of incorporation, the LLC best serves the interests of small and medium-sized enterprises (SMEs) and, owing to the flexibility of its model, has grown into the most common form preferred by natural persons who have come together to pursue a common economic activity.




Legal Significance of Entries into the Book of Shareholders

The Book of Shareholders is one of the most important documents in a shareholding company, of great significance for the lawful conduct of business and for protecting shareholders' rights. Despite that fact, the provisions of the Bulgarian Commerce Act governing such an important document for any company are rather scant and utterly insufficient and for more than 20 years since the adoption of CA continue to prompt disputes that on occasion even result in controversial decisions of the Supreme Court (of Cassation).


Protection of Business Transactions in Case of Insolvency

One natural consequence of the economic crisis is the steadily growing number of bankruptcy proceedings. An effective means of protecting the interests of creditors in such proceedings is the introduction of the principle of nullity of transactions concluded during the so-called ‘suspicious period', directly following the initial date of insolvency (or, respectively, over-indebtedness).

Bulgaria - Legislation And Jurisdiction

January 2012 - Corporate & Commercial. Legal Developments by BOYANOV & CO..

More articles by this firm.

What is the relevant merger control legislation? Is there any pending legislation that would affect or amend the current merger control rules described below?

Public Procurement Procedures in Bulgaria

January 2012 - Corporate & Commercial. Legal Developments by BOYANOV & CO..

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I. General Rules The Bulgarian Public Procurement Act provides for several types of procedures that can be used by the procuring entities for the award of public contracts. Those procedures are:


November 2011 - Corporate & Commercial. Legal Developments by BOYANOV & CO..

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by Damian Simeonov, Partner


September 2011 - Corporate & Commercial. Legal Developments by Dinova & Rusev.

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Antitrust law

Types of vertical restraint

Legal objective

Responsible authorities


Positive Changes in the Commercial Registration Regime

Finally, after two years of active involvement of Penkov, Markov & Partners - Attorneys at Law, as assigned by the American Chamber of Commerce in Bulgaria and with the participation of the Bulgarian Chamber of Commerce and Industry, the Bulgarian Industrial Association and the Confederation of Employers and Industrialists in Bulgaria, in drafting and development of proposals for amendments to the regime of commercial registration, directed at overcoming the omissions and inconsistencies in the current legislation, our efforts were crowned with success, as with the newest legislative amendments most of the NGOs suggestions were adopted.

The New Renewable Energy Sources (RES) Act – in Support of Green Energy or Not?

For many years, for known and unknown reasons, and in gross inconsistency with EU requirements, the state has (not) been dealing with the betterment of the investment climate and in particular, with the development of this sector. Its actions have been rather shy and non-transparent for citizens and the relevant branch organizations and other non-governmental organizations showing interest in the issue alike.

May Non-profit Organization Take Part in Companies?

Development of market relations and diversification of involvement in economic life have increasingly raised questions about different aspects of the participation of non-profit organizations, such as associations, foundations, etc. in economic activities.

The International Comparative Legal Guide to: Product Liability 2011

June 2011 - Corporate & Commercial. Legal Developments by BOYANOV & CO..

More articles by this firm.

1 Recent Developments in European Product Liability – Ian Dodds-Smith & Alison Brown, Arnold & Porter (UK) LLP 1
2 The EU General Product Safety Regime – John Meltzer & Rod Freeman, Hogan Lovells International LLP 5
3 Update on U.S. Product Liability Law – Sara J. Gourley & Sherry A. Knutson, Sidley Austin LLP 13
4 International Electronic Discovery – Nicole B. Boehler, Carroll, Burdick & McDonough International LLP 19

Convention on Apostille, bilateral treaties for mutual legal assistance and the Community law

The Hague Convention abolishing the Requirement of Legalisation for Foreign Public Documents (the Convention)[1], signed in 1961 and having the purpose to ease the recognition of documents from one contracting party/state in another, entered into force for Bulgaria on 30th April 2001.

Admissibility of temporary agency work contracts

During recent years the question of the admissibility of temporary agency work contracts between two legal persons has been raised ever more frequently.

Role of Endorsement with Interim Certificates

This article focuses only on cases of commercial transactions for transfer of registered shares and the right to acquire them, respectively. Cases of transferring bearer shares, as well as dematerialised shares, will not be a matter of review in this article. Irrefutably, the transfer of shares is a commercial transaction as defined by the Commerce Act. However, in order for the title over the registered materialised share to be validly transferred to the new transferee, a unilateral statement of will should be made by the transferor by way of an endorsement. The endorsement, itself, is not a component of the factual elements contained in the contract for purchase and sale of a given registered share but constitutes a separate formal abstract transaction.

Mergers and Acquisitions 2009/10: Bulgaria

The Bulgarian public M&A market remains underdeveloped. The key reasons for this are the insufficient development of the securities market itself and the insignificant free float of public companies on the stock exchange (about 22% of the equity, on average). The limited free float means low market liquidity and makes it virtually impossible to accumulate considerable holdings in a company through offers to minority shareholders.

Public Procurement 2009: Bulgaria

The main Bulgarian law regulating public procurement matters is the Public Procurement Act (PPA), in force as of 1 October 2004 adopted by the Bulgarian Parliament (promulgated in the official Bulgarian State Gazette, issue 28 of 2004, as amended from time to time).

Are the servitudes a hurdle in the construction of the electronic communication network?

Bulgaria has made a priority for itself the building of an information society as a basis for a modern and efficient economy of knowledge that encourages innovation and competitiveness. Building an information society is among the main targets of the Lisbon Strategy of 2000 where it is seen as a tool for creating more jobs and improving the social standing of citizens. Providing such services is considered a national and a European priority with a significant social charge.

Can Representation Offices Carry Out Economic Activities?

A specificity in Bulgarian legislation is the existence of a trade representation office outside scope of the Commerce Act, and namely representation as set out in the Investment Promotion Act. This often leads to conflicting interpretations and lack of understanding with regard to the representation office’s exact status.

Cartels & Leniency 2009: Bulgaria

A practical insight to cross-border Cartels & Leniency

Getting the Deal Through – Insolvency and Restructuring 2009 - Bulgaria [chapter]

The primary legal act regulating bankruptcies and reorganisations of commercial companies is the Law on Commerce. Certain businesses, however, have their own specific legislation on the matter: bankruptcies and reorganisations of banks are regulated by the Law on Bank Insolvency; insurers – by the Insurance Code; and pension funds and pension fund managing companies – by the Social Security Code.


Mergers and Acquisitions Handbook 2008-2009

Despite the fact that the Bulgarian public M&A market has grown substantially in 2007, it still remains underdeveloped. The key reason for this is the insufficient development of the securities market itself and the insignificant free float of public companies on the Stock Exchange (about 21% of the equity on average). The limited free float entails low market liquidity and the virtual impossibility of accumulating considerable holdings through offers to the minority shareholders.

Particularities and Recommendations concerning M&А Transactions in Bulgaria

High growth rates and the development of Bulgarian market stimulate the progressively increasing number of mergers and acquisitions. Bulgaria's accession to the European Union is an additional stimulus spurring M&A dealings, regardless of the developments on global financial markets.


The need for ensuring free trade on the Community market has called for providing the companies trading on the European internal market with the freedom to reorganize at the Community level, while safeguarding their freedom to move their business operations and head office from one Member State to another and thus operate freely within the EU. This has been achieved through the establishment of a new legal form for the existence of undertakings, i.e. the European company or, as it is called in Latin, Societas Europaea /SE/.

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