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:
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.
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.
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.