New rules for fast-track liquidation in Bulgaria

22-10-2024

New rules regulating a fast-track voluntary liquidation procedure for companies in Bulgaria.

Compensation for non-material damages to legal entities - yes or no?

18.09.2024

The question raised is subject to conflicting opinions in legal theory and judicial practice in Bulgaria.

The Law on the introduction of the euro in the Republic of Bulgaria

29-8-2024

The official date of the introduction of the euro in the Republic of Bulgaria is not yet clear but the Law on the introduction of the euro in the Republic of Bulgaria is a fact.

Compensation for pain and suffering due to psyhological harassment

01.08.2024

When companies collecting debts exert psychological harassment on the debtor through phone calls and sending text messages containing false information about the amount of debt, which has adversely affected his state of health, they are responsible for the stress caused.

Representation of a shareholder at the General Meeting of shareholders in Limited Liability Company (‘LLC”)

15.07.2024

What is the form and content of the power of attorney by which a proxy is authorized to participate and vote in the General Meeting of Shareholders in an LLC?

STZ advises Eurohold Bulgaria on EUR 0.5 billion refinancing

27 June 2024

Stoeva Tchompalov & Znepolski acted as local legal counsel to the leading Bulgarian listed holding company Eurohold concerning the refinancing of its approximately EUR 500 million of existing debt raised in July 2021 for the acquisition of CEZ Group's business in Bulgaria.

This time on the Sellers’ side

05.06.2024

Stoeva, Tchompalov and Znepolski acted as sellers’ advisors in a recent Bulgarian insurance market transaction.

The promise of a gift when buying medicines is unfair competition

12.05.2024

According to the CPC, the promise of a gift to patients turns the purchase of medicines into participation in a kind of attractive promotion, and the prescribed medicine – a ticket for it. 

New rules for the real estate transactions

05.05.2024

Recent changes to the Tax Insurance Procedural Code, effective May 3, 2024, amended the rules for real estate and motor vehicle transactions.

Significant Amendments in the Labour code

26.04.2024

The latest amendments in the Labour Code, effective as from 2 April 2024, have been adopted after long discussions and criticism mostly against the practical implementation of some of the new rules for remote work. 

The ECJ on the online sale of non-prescription medicinal products

05.03.2024

On 29 February 2024, the European Court of Justice (ECJ) issued its judgment in Case C-606/21 (Doctipharma SAS v. Union des Groupements de pharmaciens d’officine) concerning the legality of distance selling of medicinal products without a prescription. 

Draft Law on Credit Servicers and Credit Buyers

15.02.2024

The proposed draft Law introduces the requirements of Directive (EU) 2021/2167 of the European Parliament and of the Council on credit servicers and credit purchasers and amending Directives 2008/48/EC and 2014/17/EU. 

The Promissory Note is not a proof for existing loan agreement

17.01.2024

According to the Supreme Court, the irregular promissory note alone cannot serve as evidence of a loan agreement concluded between the parties and that the amount under that contract was handed over by the lender to the borrower.

When the consumer credit is accelerated?

07.12.2023

If you are a party to a consumer loan and overdue payment of one or more installments, the bank has the right to declare the entire loan due and to request an order for immediate enforcement by the court.

Penalty or compensation in case of delay?

08.11.2023

Do you have the right to claim compensation for the delay instead of the agreed in advance penalty, limited to a certain amount?

Bulgaria: Outsourcing and the Acquired Rights Directive

01.07.2022

The Bulgarian court practice on when outsourcing constitutes a transfer of economic entity under the EU Acquired Rights Directive (2001/23/EC) is not aligned with the corresponding case law of the European Court of Justice. 

An interesting decision of the Bulgarian regulator banning advertising of food supplement

26.10.2023

By its decision of 12 October 2023 the CPC found a violation of the prohibition on misleading advertising of a food supplement, ordered the termination of the violation, and imposed a pecuniary sanction amounting to 2.5% of the turnover of the violators.

The new EU crowdfunding regulation: implications for Bulgaria

03.02.2022

Bulgaria is one of the growing fintech destinations in the CEE Region; however, compared with other more developed markets crowdfunding in Bulgaria is still in its infancy...

Parliament Adopted the Amendments in the Renewable Energy Act

2-10-23

The postponed for more than two years amendments to the Renewable Energy Act were hastily voted on 29.09.2023. by Parliament without substantial debate.

Variable Capital Company introduced by Bulgarian Parliament

15.08.2023

Recent amendments to the Bulgarian Commercial Act of 1 August 2023 introduced the regulation of the Variable Capital Company (“VCC”), which is expected to enhance the conditions for the registration of startups in Bulgaria and to make fundraising easier. 

The new EU-US Data Privacy Framework

24.07.2023

On 10 July 2023, the European Commission adopted its long-awaited adequacy decision on data transfers under the EU-US Data Privacy Framework (“DPF”), having concluded that the US ensures an adequate level of data protection - comparable to that of the EU - for personal data transferred to US organisations participating in the framework. The DFP creates a lawful transatlantic framework that allows the free flow of data from the EU to DPF-certified companies located in the United States. 

The GDPR Concept of Nonmaterial Damage – on the Road of its Decoding

12.07.2023

In connection with Case C-340/21 (VB v Natsionalna agentsia za prihodite  (Bulgarian National Revenue Agency)), the Bulgarian Supreme Administrative Court referred the question to the CJEU: in a case involving a personal data breach consisting an unauthorised access to, and dissemination of, personal data by means of a “hacking attack”, should the worries, fears, and anxieties suffered by the data subject with regard to a possible misuse of personal data in the future fall per se within the concept of non-material damage. 

DLT Pilot Regime: Implementation in Bulgaria is Coming?

12.06.2023

Regulation (EU) 2022/858 on a pilot regime for market infrastructures based on distributed ledger technology (the “DLT Pilot Regime”) was published in the EU Official Journal in June 2022 and applies from 23 March 2023. On 10 May 2023, the Bulgarian government filed with the Parliament a bill aimed to facilitate the application of the DLT Pilot Regime in Bulgaria.

The Loan Agreement

08.06.2023

WHAT YOU NEED TO KNOW WHEN LENDING MONEY

Despite the many merchants providing fast loans in Bulgaria, lending money is not just a commercial activity. Very often loans are given between relatives and friends to cover sudden needs or for other reasons.

The preliminary contract may be declared final when the buyer has not paid the full price

15.05.2023

With a new Interpretative Decision of 09.05.2023, the Supreme Court of Cassation ruled on a significant issue related to the preliminary contracts for the sale of real estate.

The unexpected death of the co-pilot does not fall within the concept of "extraordinary circumstances"

19.05.2023

The cancellation of a flight due to the unexpected death of the co-pilot does not exempt the airline from its obligation to compensate passengers.

Mere infringement of the GDPR does not give rise to a right to compensation

05.05.2023

By its judgment of 4 May 2023 in Case C-300/21 (Österreichische Post), the CJEU clarified that the right to compensation provided for in the General Data Protection Regulation ("GDPR") is subject to three cumulative conditions.

Appeal of a Ticket under the Road Traffic Act

19.04.2023

The appeal of a ticket under the Road Traffic Act (Road Traffic Act) is a procedure that allows citizens to protect themselves from the imposition of an administrative penalty "fine" due to a violation of road traffic rules. 

An appeal against a ticket under the Road Traffic Act includes certain procedures and deadlines that citizens must comply with in order to use their right of appeal effectively.

Winding-up and liquidation of a company

12.04.2023

Company registration is a relatively easy and fast process in Bulgaria, while its deletion is much longer and more complicated. If you want your company to be deleted from the Commercial Register, you need to go through a winding-up procedure that takes longer.

Indemnity for injured persons in traffic accident under Motor TPL insurance

07.04.2023

Motor Third Party Liability Insurance ("MTPL") refers to the liability of drivers of motor vehicles ("motor vehicles") for the material and non-material damages caused by them. The victim who has suffered damage is entitled to compensation.

EU Whistleblower Directive: Key Takeaways for Private Companies in Bulgaria

06.03.2023

The answers to ten questions that companies may have in the process of preparation for the commencement of the Whistleblower Act.

Rescission of Unlawful dismissal

06.03.2023

In every national legislation, there are legal rules that protect employees from unlawful dismissal. Every employee in case of unlawful dismissal has the opportunity to approach both the Labour Inspectorate and the court and to seek the rights guaranteed by law. Therefore, the employer should carefully act and draft the necessary documents for protecting its interests in case of dispute. 

De-referencing of inaccurate personal information from online search results is provided by judgement of the EU Court of Justice under case C-460/20

26.01.2023

By way of Judgement of the Court of Justice of the European Union (CJEU) dated 08 December 2022 under case C-460/20, it has been held that the individuals are entitled to request de-referencing of the inaccurate information, related to them and published on the Internet, from the online search results.

The Supreme Court maintains the required level of proof too high for loss of profit to be awarded in Bulgaria

23.01.2023

On 13 January 2023, the Bulgarian Supreme Court of Cassation (“SCC”) issued Interpretative Decision No.3 (the “New Interpretative Decision”) which shows that the SCC continues to adhere to the very high standard of proof for loss of profit it has established a decade ago. 

Anti-money-laundering directive - a milestone interpretation by ECJ

22/11/2022

The provision whereby the information on the beneficial ownership of companies incorporated within the territory of the Member States is accessible in all cases to any member of the general public is invalid.

Last significant amendments in the administrative-penal proceedings

03.10.2022

The Administrative Violations and Sanctions Act, which dates since 1969, was updated at the end of 2021 with the aim of making the completion of the administrative-penal proceedings more effective and to speed up the collection of public state receivables. 

What is important to know in case an administrative authority issue an Act for the establishment of an administrative violation? 

Your air passenger’s rights for delayed or cancelled flights

26.08.2022

Cancelled or delayed flight can cause you inconvenience and spoil your dream trip or holiday. In such events, you should be aware that you are protected and you have certain rights, according to the applicable law.

Amendments of the Bulgarian Labour Code, effective as of 1st of August 2022

15.08.2022

Amendments of the Bulgarian Labour Code (“LC”) were promulgated on 5th of August 2022 in State Gazette, Issue No 62 with an explicit retroactive effect as of 01st of August 2022. These amendments transpose in our national legislation the requirements of Directive (EU) 2019/1152 on transparent and predictable working conditions in the European Union and of Directive (EU) 2019/1158 on work-life balance for parents and carers and repealing Council Directive 2010/18/EU.