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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 shehab.khurshid@legalease.co.uk

 

Legal Developments Worldwide

Articles contributed by Penkov, Markov & Partners

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

August 2015 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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

December 2013 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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

December 2013 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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).

 

Freight Forwarder’s Liability for Cargo Lost by Carrier

December 2013 - Transport. Legal Developments by Penkov, Markov & Partners.

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Although the forwarder is by no means a new concept under Bulgarian law and although public relationships in the context of freight forwarding services are largely settled, some regulatory gaps that need filling still exist. These are largely due to ever increasing expectations and requirements on the part of consignors, as well as increasingly fierce market competition - factors that force forwarders to undertake certain commitments at the pre-contractual phase that they are not prepared to fulfil when providing the actual service.

 

Competition Legislation Imposes New Restrictions on Business

October 2012 - EU & Competition. Legal Developments by Penkov, Markov & Partners.

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On 14 June 2012, the Ministry of Economy, Energy and Tourism published on its Internet site draft amendments to the Protection of Competition Act and respective reasons.

Protection of Business Transactions in Case of Insolvency

October 2012 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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).

Omissions in the energy strategy disturb the investment climate

October 2012 - Projects, Energy & Natural Resources . Legal Developments by Penkov, Markov & Partners.

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In a previous article, I asked the question of whether the State is “for” or “against” green energy. The latest amendments to the law of April 10, 2012, as well as subsequent decisions by the State Energy and Water Regulatory Commission (SEWCR) confirmed that the State takes a stand against wind and photovoltaic power generation.

Positive Changes in the Commercial Registration Regime

September 2011 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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?

August 2011 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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?

August 2011 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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.

Payment Made by an Insolvent Debtor - Valid or Not?

August 2011 - Finance. Legal Developments by Penkov, Markov & Partners.

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The economic crisis has brought about an avalanche of bankruptcies of an ever increasing number of small, medium and large commercial entities in all economic sectors. Insolvency, for its part, has evolved and turned from an almost extraordinary ground for suspension of economic activities into a phenomenon competing with the voluntary liquidation of companies.

Restructuring of Foreign Banks and its Effects on Securities Provided in Bulgaria

August 2011 - Finance. Legal Developments by Penkov, Markov & Partners.

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Largely as a manifestation of the freedom of movement of capital across the EU, but also as an effect of globalization and the operation of trans-national companies in need of flexible financing, such financing is relatively frequently obtained centrally by the relevant company. At the same time, its subsidiaries in individual countries also get some access to the financing thus obtained, with their local assets serving as a security or collateral.

Necessary amendments in the Commercial Register legislation in line with the best European practices

September 2010 - EU & Competition. Legal Developments by Penkov, Markov & Partners.

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Before the new Commercial Register with the Registry Agency was established, entrepreneurs, the ones who generate the real income for the budget, used to complain that the procedures were sluggish, that criteria were not equal for everybody, that predictability, accountability and analyses were lacking, that there was no uniform information system and that the registration procedures of the courts were non-transparent.

Will the expected amendments to the Film Industry Act boost investor interest?

September 2010 - TMT ( Technology, Media & Telecoms). Legal Developments by Penkov, Markov & Partners.

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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 those engaged in filmmaking in Bulgaria.

The New Legal Framework Related to the Registration of Financial Institutions in Bulgaria

September 2010 - Finance. Legal Developments by Penkov, Markov & Partners.

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After the latest changes in the Bulgarian financial legislation and, in particular, the Credit Institutions Act, and the issuing by the BNB of Ordinance No. 26 of 23 April 2009 on Financial Institutions (the Ordinance), the providers of financial services passed into a more complicated registration regime.

Collision of Rights in the Event of Restitution of Agricultural Land

September 2010 - Real Estate & Property. Legal Developments by Penkov, Markov & Partners.

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The process of restitution, although its functions gradually die away, still creates a certain insecurity regarding in the right of ownership of real estate, resulting from the possible collision between ownership rights stemming from restitution laws and ownership rights acquired as a result of a legal transaction or by prescription.

Admissibility of temporary agency work contracts

September 2010 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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

September 2009 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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.

A Perilous Undertaking: Competition on Equal Footing with Prohibited Agreements and Abuse of Dominan

September 2009 - EU & Competition. Legal Developments by Penkov, Markov & Partners.

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The new Competition Protection Act was enforced on 1 December 2008, more than one year after the public announcement of the draft act and its introduction by the Commission for Protection of Competition (CPC; the Commission) to the Council of Ministers. It was surprising that the chapter which regulates the different events of unfair competition was reinstated in the final text, tabled by the Council of Ministers and adopted by the National Assembly.

Taxation of Non-cash Income of Natural Persons

September 2009 - Tax & Private Client. Legal Developments by Penkov, Markov & Partners.

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In commercial turnover, especially in cases of senior management staff, remuneration is often paid not only in cash but also in the form of other fringe benefits, which also have certain value.

 

In relation to such added value to the remuneration, tax legislation arranges income of natural persons as ‘cash’ and ‘non-cash’, both subject to taxation.

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

June 2009 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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?

June 2009 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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.

New Registration Rules for .bg Domains

June 2009 - TMT ( Technology, Media & Telecoms). Legal Developments by Penkov, Markov & Partners.

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The registration of .bg domains is regulated by the General Terms and Conditions for Registration and Maintenance of .bg and subordinated Domains, as amended and supplemented in order to reflect the development of the relations connected with the provision of domains, as well as any disputes that may arise. The latest amendments of these Terms and Conditions (18.09.2008) rendered the greatest change in the registration regime made so far, with some new mechanisms of domain protection established.

Cartels & Leniency 2009: Bulgaria

June 2009 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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A practical insight to cross-border Cartels & Leniency

Employment Termination Compensation

December 2008 - Employment. Legal Developments by Penkov, Markov & Partners.

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A common issue which underlies a great portion of employment related litigations in courts is connected with determining the compensation amount payable by the employer when terminating employment relations.

Particularities and Recommendations concerning M&А Transactions in Bulgaria

December 2008 - Corporate & Commercial. Legal Developments by Penkov, Markov & Partners.

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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.

Are the anticipated new regulations of the unfair competition European?

December 2008 - EU & Competition. Legal Developments by Penkov, Markov & Partners.

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In the autumn of 2007, the Commission for Protection of Competition (CPC) publicly announced a bill for an entirely new Competition Protection Act, prepared in cooperation with the Italian Competition Authority. Along with the many amendments, the proposed bill excluded of its scope the regulation of the unfair competition with the motive that the unfair competition matter is governed by the Consumer Protection Act and that the protection against unfair competition is not a typical aspect handled by the competition authorities of the EU Member States.

The Bulgarian Energy Holding, Consolidation in the Context of Liberalization?

December 2008 - Projects, Energy & Natural Resources . Legal Developments by Penkov, Markov & Partners.

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The year 2007 was fundamental to the development of the energy sector in Bulgaria. In compliance with Bulgaria’s responsibilities as an EU member, requirements for complete liberalisation of energy markets have been met by the amendments made in the statutory framework. Naturally, the new legal provisions are only a prerequisite for the factual liberalisation and realisation of the market mechanisms. Some consumers have become very familiar with the ins and outs of the liberalised market, particularly in the field of electroenergetics, where the industry structure presupposes development of market relations.

The Performance of the Commercial Register improves

December 2008 - Litigation & Dispute Resolution. Legal Developments by Penkov, Markov & Partners.

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There have been wide public discussions about the major problems, which were faced by the trading entities in the process of the re-registration of already existing merchants and registration of a new company or a branch.

New Elements in the Procedure for Registration of Tobacco Product Prices: Pros and Cons

December 2008 - Projects, Energy & Natural Resources . Legal Developments by Penkov, Markov & Partners.

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The amendments to the Ordinance on the Terms and Procedure for Registration of the Price of Locally Produced and Imported Tobacco Products, Trade in Tobacco Products and Control on Trade (the Ordinance) effective from late 2005 and early 2006 introduced some radical changes in the rules and procedure for registration of tobacco products available on the Bulgarian market

Is the New Value Added Tax Act “European”?

December 2008 - Tax & Private Client. Legal Developments by Penkov, Markov & Partners.

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Regarding the part of the Act, which harmonizes the legal framework in view of Bulgaria’s accession to the EU, we can clearly give a positive answer.

Europeans to be Able to Purchase Land in Bulgaria

December 2008 - Real Estate & Property. Legal Developments by Penkov, Markov & Partners.

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The constitutional changes of 2005 enacted pursuant to the requirements of the Treaty of Accession and the Protocol concerning Bulgaria’s EU accession are already in force. According to the previous legal requirements, foreign citizens were able to freely acquire the right of ownership over buildings and parts of buildings, but had no right to acquire ownership of land and had only limited in rem rights (right of use, right to construct a building). The new amendment of Article 22 of the Bulgarian Constitution, allows foreign citizens and foreign legal persons to acquire right of ownership of Bulgarian land according to the Treaty of Accession, on the basis of international agreements and treaties, which were duly ratified, publicly released and have entered into force, or in case of inheritance under the law.