Creditors will be able to request from courts to issue a European Account Preservation Order for bank accounts of debtors, read a project for the amendment of the Civil Procedure Code...

For example, the requirement to appoint a special representative of the defendant provides another vehicle for debtors to potentially abuse the process and delay the proceedings while incurring additional costs for the claimant.

Bulgaria has been in a state of emergency since 13 March due to the COVID-19 outbreak. On 23 March the Parliament voted on a special State of Emergency Act (COVID-19 Act) which...

A number of changes have been made to insolvency procedure to remove various discrepancies and controversial practices.

March 2019 – On 22 February 2019 and 26 February 2019 two bills were introduced in the Bulgarian parliament to amend the existing Bank Insolvency Act ("Bills").

The Bulgarian Commercial Code Chapter on Bankruptcy provides for reorganization or rehabilitation of a legal entity, maximizes asset recovery, and provides for fair and equal distribution among all creditors.

On 2 January 2017, amendments to the Bulgarian Commerce Act (the "Act") entered into force in Bulgaria.

The Judgment addresses nine questions which were inconsistently resolved by lower courts.

The Bulgarian Corporate Commercial Bank ("CCB")'s insolvency has resulted in a variety of changes to the Bulgarian banking legislation.

The general legal framework of existing Bulgarian insolvency law covers the core features recognised by the international insolvency community and takes account of EC Regulations and Directives.

Banks in Bulgaria are seriously concerned with borrowers fraudulently manipulating their accountancy books.

The means of obtaining information on a person’s creditworthiness were broadened in 2011 by launching a pending execution proceedings register kept by the Bulgarian Private Bailiffs Chamber.

February 2019 – On 3 December 2018, Bulgaria's Supreme Court of Cassation ("SCC") issued Interpretative Judgment No 1 (the "Judgement") on interpretative proceedings No 1/2017

On 14.07.2023 the National Assembly of Bulgaria adopted new amendments to the Measures against Money Laundering Act (MAMLA), which aim to achieve compliance with the Directive 2018/843 of the European Parliament and of the Council of 30 May 2018.

In the dynamic landscape of 2023, Bulgaria underwent a remarkable metamorphosis in its insolvency proceedings due to game-changing amendments to the Commerce Law.

The Moratorium was not self-proclaimed by the Bulgarian Parliament as an overriding mandatory piece of law so the courts discretion in cross-border scenarios has been retained

On 24 March 2015, the Bulgarian parliament promulgated an emergency insolvency law that makes almost all of the major effects of insolvency proceedings applicable to Corporate Commercial Bank.

As of July 2017, there has been a pre-insolvency restructuring regime[1] for corporate entities in Bulgaria who are in a state of "likelihood of insolvency", but not actually insolvent...

On 10 July 2015, the Bulgarian parliament passed, at first reading, a bill intended to implement the EU Bank Recovery and Resolution Directive.

How does a creditor take security over assets in Bulgaria?