The Legal 500

Penkov, Markov & Partners

13B, TINTYAVA STR., FLOOR 6, 1113 SOFIA, BULGARIA
Tel:
Work +359 2 971 3935
Fax:
Fax +359 2 971 1191
Web:
www.penkov-markov.eu
Email:
Vratza, Varna, Stara Zagora, Sofia, Sofia, Rousse and 4 more

Show all Press releases

Penkov, Markov & Partners supports organization and conduct of this year’s Vienna Economic Talks

May 2012

On April 3-4, 2012, the Bulgarian Chamber of Commerce and Industry (BCCI) in Sofia hosted the Vienna Economic Talks – Sofia Meeting 2012. The forum was co-organized by the Vienna Economic Forum and the BCCI, and focused on “Liberalization of Regional Markets”.

True to its years-long aspiration and commitment to the enhancement and development of Austrian-Bulgarian friendship and economic relations, Penkov, Markov & Partners gladly accepted the invitation to support the organization of the event.

With the company being among the main sponsors of the Sofia Meeting, our managing partner Vladimir Penkov was a special guest and attended a reception for the opening of the Vienna Economic Talks – Sofia Meeting, held at the residence of the Austrian Embassy on April 3, 2012.

The focus of this year’s edition of the forum was on the liberalization of the energy and labour markets, foreign investment and public-private partnerships – and more specifically the government’s plans to give concession rights for ports on the River Danube and some airports.

The forum heard a host of foreign and Bulgarian presenters, including Dr Erhard Busek, President of the Vienna Economic Forum and former Austrian Vice Chancellor, Dr Elena Kircheva, a member of the Board and Secretary General of the Vienna Economic Forum, Dr Mihael Angerer, Head of the Commercial Section of the Austrian Embassy, BCCI President Tsvetan Simeonov, Regional Development and Public Works Minister Liliana Pavlova, Transport, IT and Communications Minister Ivaylo Moskovski, Labour and Social Policy Minister Totyu Mladenov, Deputy Economy, Energy and Tourism Minister Valentin Nikolov and Sofia Deputy Mayor in charge of finance Doncho Barbalov. There were also representatives of government agencies and non-government organizations from Bulgaria and the region, as well as business people.

Among the attendants at the various sessions of the forum were representatives of Penkov, Markov & Partners working in specialized areas of law, including competition, energy industry, foreign investments and labour.


www.penkov-markov.eu

PENKOV, MARKOV & PARTNERS

Legal Developments by:
Penkov, Markov & Partners

Legal Developments in Bulgaria

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Bulgaria: A welcome reform or a market disruption

    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:
  • Bulgaria_Commission adopts corporate compliance programme guidelines

    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.
  • Commission imposes highest-ever penalty for prohibited agreements

    In November 2012 the Competition Protection Commission imposed the highest penalty in its history for prohibited agreements between the distributor of Hyundai in Bulgaria, Industrial Commerce OOD, and authorised Hyundai/Industrial Commerce dealers pursuant to Article 15 of the Competition Protection Act and Article 101 of the Treaty on the Functioning of the European Union. 
  • Mergers & Acquisitions 2013. Chapter 10: Bulgaria.

    This guide provides corporate counsel and international practitioners with a comprehensive worldwide legal analysis of the laws and regulations of mergers and acquisitions. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Mergers & Acquisitions; published by Global Legal Group Ltd, London. www.iclg.co.uk.
  • Real Estate 2013. Chapter 6: Bulgaria

    This guide provides the international practitioner and in-house counsel with a comprehensive worldwide legal analysis of the laws and regulations of real estate. This article appeared in the 2013 edition of The International Comparative Legal Guide to: Real Estate; published by Global Legal Group Ltd, London. www.iclg.co.uk .
  • VAT LIABILITY OF A TRADE REPRESENTATIVE OFFICE IN BULGARIA?

    The present article deals with the question of who is to be invoiced and who is VAT liable if a taxable person in Bulgaria supplies services to and for the benefit of a trade representative office -established in Bulgaria - of a foreign entity.bu
  • Competition Legislation Imposes New Restrictions on Business

    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

    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

    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.
  • Disputes over Second World War Reparations Thwart Bulgaria’s...

    Privatisation Efforts