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Articles contributed by BOYANOV & CO.
What is the relevant merger control legislation? Is there any pending legislation that would affect or amend the current merger control rules described below?
1. General overview
Bulgarian legislation is based on the civil law system. Employment relationships between individuals and employers are regulated predominantly by the Constitution of the Republic of Bulgaria, the international treaties to which the Republic of Bulgaria is a signatory and which have been ratified by the Bulgarian Parliament, domestic legislation including the Bulgarian Labor Code, last amended in October 2011, as well as various special laws and a large number of regulations, collective labor agreements and the internal rules and orders of the employers.
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:
Types of investors
The private equity (PE) funds that are active in Bulgaria are not raised or registered in the country. Some Bulgarian PE funds were raised recently, but there are no statistics as to the sources of their funding, their number, the funds that were accumulated, etc.
Bulgaria by Yordan Naydenov & Nikolay Kolev BOYANOV & CO
OVERVIEW OF M&A ACTIVITY
In the course of 2010 the domestic M&A market was seriously affected by the world financial crisis. The transaction volume was at its levels from 2007.
VOLUNTARY TENDER OFFER TO DELIST A COMPANY. SQUEEZE-OUT AND SELL-OUT. PRICE OF A TENDER OFFER.
by Damian Simeonov, Partner
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
With effect from 1 January 2011 several amendments to the law in Bulgaria were made that aim to enhance the position of secured creditors, in particular in insolvency and avoid certain pitfalls in the rules before that.
The management agreement is regulated in the Bulgarian Commercial Act ("CA") respectively for the limited liability company ("LLC") in Art. 141, par, 7 CA and for the joint stock company ("JSC") in Art. 241, par.6 and Art. 244, par. 7 CA. According to the statutory provisions cited the relations between the company and the manager, respectively the board of directors or the management board, are to be regulated by management agreement concluded in writte form.
It would be difficult to identify a universally accepted definition of “trust” and “security trustee” although these legal concepts appear to be well-developed in common law systems and are also acknowledged in a few civil law jurisdictions. Probably one of the most recognized and internationally supported definition of “trust” is provided by the Convention on the Law Applicable to Trusts and on their Recognition (the “Trusts Convention”). It refers to the term "trust" as “the legal relationships created - inter vivos or on death - by a person, the settlor, when assets have been placed under the control of a trustee for the benefit of a beneficiary or for a specified purpose”.