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Penkov, Markov & Partners

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Bourgas, Dobrich, Lovetch, Pleven, Rousse, Sofia and 4 more

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Draft Act prepared by “Penkov, Markov & Partne

May 2010

Based on an assignment by the American Chamber of Commerce, a team from “Penkov, Markov & Partners” - Attorneys at Law under the leadership of the Managing partner Vladimir Penkov prepared a draft act amending the Commercial Register Act.

The draft act reflects both the results from the special analysis carried out of the existing activities and assigned by AmCham, and the proposals made during the round tables organised by AmCham in Sofia, Varna and Stara Zagora.

The most important proposals that can be identified are these related to the representation of traders, the possibility, in the event of omissions, the latter to be corrected before the refusal by the register, the personal data protection procedure, the company name, as well as the summary procedure for ex officio liquidation of the traders which were not re-registered with a view to the approaching deadline - the end of 2010.

It is also envisaged that the disputes related to registration shall be settled in accordance with the procedure of the Administrative Procedure Code and not in accordance with the procedure of the Civil Procedure Code, since these disputes, although individual, are administrative acts. The principles of unity of the register, publicity, encouraging of electronic documents, uniform criteria and speed are also formulated as a focus of the Act.

The proposals made for improving the legislative organisation of the commercial registration in Bulgaria are a continuation of the active contribution of "Penkov, Markov & Partners" Attorneys at Law to the analysing, discussing and streamlining of the extant regime of commercial registration jointly with business organisations and the civil society in Bulgaria, such as AmCham, the Bulgarian Industrial Association, the Bulgarian Chamber of Commerce and Industry, etc.

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.
    - Penkov, Markov & Partners

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