chambers europe
Chambers Europe 2017

Banking & Finance

Basic facts about the department
- Head of department: Yavor Kambourov
- 4 partners
- 1 other qualified lawyer

What the team is known for Represents local and international credit and financial institutions in syndicated facility arrangements and bond placements. Assists clients with banking and capital markets regulation. Acts on public takeovers, private equity transactions and financial litigation, including enforcement and contentious issues relating to insolvency cases.

Strengths Sources are impressed by the firm's "hands-on approach, the high analytical capabilities of the lawyers, the clear strategy and the ability to deliver quality work to tight deadlines."

Interviewees also appreciate that the lawyers are "business-oriented and able to get the highest benefit for clients from even the most challenging cases." 

Work highlights Assisted the Bulgarian Development Bank with claiming receivables from the insolvent Corporate Commercial Bank.

Advised BNY Mellon Corporate Trustee Services on claiming receivables from Corporate Commercial Bank.

Significant clients ADM Capital, World Bank, UniCredit Bulbank, Patstroi, Société Générale.

Notable practitioners  

Vladimir Rangeloff advises clients on cross-border M&A transactions, private equity investments, restructurings and due diligence. Rangeloff also assists with bond placements, enforcements and public takeovers. He represented LDC in acquisition financing that included new bank facilities of GBP60.5 million.


Basic facts about the department
- Head of department: Vladimir Rangeloff
- 2 partners
- 2 other qualified lawyers

What the team is known for Well-reputed corporate practice advising both domestic and multinational corporations on taxation, regulatory matters and corporate management and control. Offers notable experience in high-profile cross-border M&A transactions and restructurings, particularly within the TMT, retail, food and real estate sectors. 

Strengths Clients are particularly pleased by the team's business-oriented approach, noting that "because of the strong commercial focus we receive a thorough perspective on the business aspects, which is really valuable," and adding that the firm "has the resources to engage lawyers from different practice areas, so we receive highly specialised legal guidance."

The firm is also praised for its cross-border capabilities, having been described by sources as "very resourceful in terms of its international network."

Work highlights Continues to provide Piccadilly with day-to-day legal advice relating to its ongoing corporate and commercial work.

Advised Tulex on a range of matters relating to its sale of EO Dent.

Significant clients Aryzta, KKR, AP Mart, Sterling Properties, Herbalife.

Notable practitioners  

Vladimir Rangeloff, described as a "key player for corporate law," is a "great deal-maker and negotiator with an impeccable work ethic." He is highly skilled across the full local and international M&A spectrum, and has led the team in its ongoing work for Piccadilly.

According to clients, Veronika Hadjieva is a "very responsive, active and energetic" lawyer who is "able to give very good quality advice, particularly on an international level." Her areas of expertise include due diligence, corporate restructuring, consolidations and foreign investments.

Dispute Resolution

Basic facts about the department
- Head of department: Emil Emanuilov
- 5 partners
- 7 other qualified lawyers

What the team is known for Strong offering dealing with claims for domestic and international clients across various industry sectors. Noteworthy capabilities in banking, competition and insurance litigation, with additional experience handling energy, project finance, commercial and IP disputes. Particularly knowledgeable of matters involving ADR and also provides advice relating to regulatory investigations.

Strengths Quality of advice and attention to detail are highlighted as major strengths of the team. A source reports that the lawyers are "very responsive, thorough and proactive," adding that "their advice was nuanced and tactical."

The firm also wins acclaim for its cross-border expertise. One client affirms that "the firm is specialised in multi-jurisdictional litigation and has a very good reputation," while another adds that the team is "very resourceful in terms of international network."

Work highlights Represented Bulgarian Football Union in two arbitration proceedings before the Sports Arbitration Court and in civil proceedings against CSKA concerning distribution of revenues. 

Acted for Olinesa on several litigation matters, including enforcement and administrative proceedings concerning designs and trade marks.

Significant clients Bulgarian Development Bank, Katarzyna Estate, Monolit, First Investment Bank, Piraeus Bank.

Notable practitioners  

Yavor Kambourov continues to enjoy a strong reputation among market commentators, one of whom reports that he is "an outstanding lawyer," adding that "if he is on a case, success is guaranteed." His expertise spans a broad range of areas, such as banking, commercial and IP litigation as well as insolvency matters.

Emil Emanuilov rises in the rankings after receiving widespread praise from peers as well as from clients, one of whom remarks: "He has excellent know-how and flair for resolving complex proceedings," while another adds: "I have full trust in, and reliance on, him; his advocacy skills are exceptional." An expert in cross-border litigation and arbitration matters, he recently led the team in representing Building Development Holding in DAB procedures valued at over EUR6.5 million.

Todor Todorov offers specialist tax knowledge which contributes to his frequent handling of tax litigation matters. He recently represented the retail chain Piccadilly in a number of civil, commercial and arbitration proceedings. He is well regarded by clients for his ability to "navigate respective public administration and manage complex cases before the courts."

Clients single out Stefan Tzakov for his "deep knowledge" of matters concerning litigation, appreciating, in particular, the quality of his drafted documentation. He offers particular expertise in the fields of energy, competition and public procurement.


Basic facts about the department
-Head of department: Andrey Alexandrov
-1 partner
-3 other qualified lawyers

What the team is known for Highly regarded domestic firm advising on all areas of labour and social security law, representing clients in both contentious and non-contentious cases. Expertise includes terminations, transfer of undertaking, contract drafting and data protection. Well-versed in immigration matters concerning non-EU citizens, such as visa issuances and residence permits. Particularly notable for its representation of major local supermarket chains and international retailers.

Strengths Clients affirm that the lawyers are "available when we need them," and "respond in a timely and adequate manner in case of a problem."

Market observers highlight the "tremendous legal prowess of the team" and its "deep market knowledge, reliability, business acumen and tailored service."

Work highlights Advised Lidl Bulgaria on a variety of employment issues including drawing up and termination of labour contracts.

Assisted AP Mart with a range of matters, covering data protection, health and safety, working times and bonus queries.

Significant clients Herbalife, thebigword, Kamenitza, Bio Sdrujenie.

Notable practitioners  

Andrey Aleksandrov is widely respected as a "calm, balanced" expert who "provides pragmatic, well-researched and functional advice." He assisted Kaufland Bulgaria with a range of labour law queries including the drafting and termination of employment agreements, temporary staffing issues and disciplinary proceedings.


Basic facts about the department
- Head of department: Stefan Tzakov
- 1 partner
- 2 other qualified lawyers

What the team is known for Well-reputed energy practice, offering noteworthy experience in litigation as well as financing and regulatory matters. Works for a range of domestic and international clients including project developers, lenders and governmental organisations. Extensive activity in renewables, nuclear power, natural gas and mining, with a strong presence in the electricity trading sector.

Strengths The firm draws numerous endorsements for its client service. One source praises its "deep market knowledge, reliability and business acumen," while another adds: "We received personalised service and availability on the part of the lawyers, combined with ease of communication."

Interviewees are also impressed by the firm's innovative approach to cases: "They managed the matter at hand with creativity and a clear perspective of opportunities and risks." 

Work highlights Continues to assist Electricity System Operator with litigation proceedings brought by renewable energy generators and electricity traders. The claims amount to over EUR16 million.

Represented Energo-Pro in various litigation proceedings, in addition to administrative proceedings relating to decisions made by the State Energy and Water Regulatory Commission.

Significant clients Citygas Bulgaria, GEN-I, Alpiq Ecopower, Eni, Witte Automotive.

Notable practitioners  

Stefan Tzakov is revered by clients, who describe him as "a naturally intelligent individual but also an incredibly hard-working lawyer" whose approach is "practical, detail-oriented and one of exhaustive analysis and preparation." He is highly experienced across the full range of energy matters, including nuclear, gas, mining and electricity concerns.

Intellectual Property

Basic facts about the department
- Head of department: Margarita Guigova
- 1 partner 
- 3 other qualified lawyers

What the team is known for Advises domestic and multinational trade mark and industrial design holders on a wealth of registration, infringement, unfair competition and anti-counterfeiting mandates. Well versed in representing clients before the BPO, EUIPO and World Intellectual Property Organization (WIPO). Possesses significant experience advising participants in the leisure and entertainment industries, including artists, broadcasters and copyright owners.

Strengths Clients are consistently impressed with the IP department, highlighting its "down-to-earth approach and ability to go beyond legal interpretations." Sources also state that the team's strong strategic sense "helps our business move forward."

According to interviewees, the IP department "delivers high-quality work within tight deadlines."

Work highlights Advised Bulgarian food company Prestige-96 on a wide range of copyright issues relating to the advertising campaigns for several of its biscuit and cake brands.

Advised Kamenitza, part of the Molson Coors Group, on its acquisition of the publishing rights to a book on the history of its Plovdiv brewery.

Significant clients Alen Mak Bulgaria, Mlin-97, Interval International.

Notable practitioners  

Margarita Guigova is described by sources as "a remarkable lawyer" who is both decisive and business oriented. Sources say: "Her advice is comprehensive and practical. She has great business awareness and a strong knowledge of the domestic and European legislation."

Real Estate

Basic facts about the department
- Head of department: Atanas Shopov
- 2 partners
- 3 other qualified lawyers

What the team is known for Highly regarded team reputed for acting on high value developments. Frequently assists clients with the development of residential buildings and commercial premises, including shopping centres. Advises on financing, design, construction and long-term leases. Expertise also encompasses the construction of gas pipelines and industrial plants.

Strengths One client enthuses: "The lawyers are very focused, comprehensive and punctual."

Another market observer says: "I think the firm is stellar. I have an excellent impression." The same source adds: "Overall, they produce very high-quality, technically perfect work, have a high level of business awareness and innovative thinking, and present things in a way that is easy for us to understand."

Work highlights Acted for Monolit on the development and construction of a new Decathlon store in Plovdiv.

Advised Sterling Retail on the EUR4 million development and construction of a shopping centre and sports ground on the Black Sea coast.

Significant clients Brentwood Associates, Forton/AG Capital, SALP, Kamenitza, Maxima Bulgaria.

Notable practitioners  

Market sources single out head of department Atanas Shopov as an "absolute top" and a "very knowledgeable, but also flexible and innovative" lawyer. He has extensive experience in the real estate market and led the team advising SALP on the EUR12 million design and construction of the Dobrich-Silistra gas pipeline, of which the client is the main contractor. One satisfied interviewee highlights Shopov's approach, saying: "Mr Shopov is a very well-versed, rational, intelligent and efficient lawyer."

Radosveta Kojuharova led the team advising Sterling Retail on the EUR4 million development and construction of a new shopping centre and sports ground on the Black Sea coast. One client remarks: "When I talked to her I knew everything was going to be okay." She has particular expertise in real estate transactions and residential and commercial developments.


Basic facts about the department
- Head of department: Yavor Kambourov
- 3 partners
- 3 other qualified lawyers 

What the team is known for Long-standing leaders in the field of insolvency litigation, enforcement, out-of-court workouts and refinancing schemes. Popular with creditors, debtors and administrators for both domestic and cross-border restructuring mandates. Also advises clients on payment guarantees, insolvency liability matters and debt collection.

Strengths Clients are keen to emphasise "the rigour, diligence and accessibility of the lawyers, as well as the timely and to-the-point advice and commercial focus."

Clients describe the lawyers as "very business-oriented, creative in their solutions and able to get the highest benefit for clients from even the most challenging cases."

Work highlights Assisted the Bulgarian Development Bank with a claim for EUR35 million in receivables from Corporate Commercial Bank following the bank's insolvency.

Advised new client The Bank of New York Mellon on a claim for at least EUR150 million in receivables from Corporate Commercial Bank.

Significant clients UniCredit Bulbank, Piraeus Bank, Unix Solutions, Alen Mak, World Bank.

Notable practitioners  

Hristina Kirilova has an excellent reputation for advising clients on reorganisations and insolvency litigation. Clients describe her as "a first-rate insolvency lawyer with extensive knowledge and a strategic mindset." She acted for Piccadilly on EUR200 million insolvency proceedings brought by the chain's suppliers.

Sources highlight Emil Emanuilov for his strength in insolvency proceedings. He represents clients in insolvency litigation, as well as advising on enforcement matters. He acted for recent client win Patstroi on a EUR9 million claim following the insolvency of Corporate Commercial Bank.  


Basic facts about the department
- 3 partners
- 2 other qualified lawyers

What the team is known for Highly regarded team advising sizeable domestic and international clients on all tax-related matters, with special expertise in VAT, corporate tax and sensitive contentious tax proceedings. Notable activity in M&A-related matters, double tax treaties and customs duties.

Strengths In one observer's opinion: "When clients expect well-connected experts to handle tricky situations, they would choose Kambourov."

One client describes them as "a very prepared and proactive team, accessible, adaptable, great technical skills, highly specialised and business focused."

Work highlights Advised Iberdrola Inmobiliaria on all tax matters associated with its Bulgarian operations, including representing the company in VAT-related proceedings and in appeals against the National Revenue Agency. The team also prepared a claim against the ECJ in relation to the tax regime of one of the biggest investments in Bulgarian infrastructure.

Ongoing tax and customs advisor to Lidl Bulgaria, as well as its representative in tax litigation. Inter alia, the team advises on double tax treaties, the regime for tax cash accounting and tax assessment appeals before the Supreme Administrative Court.

Significant clients Bosch-Siemens Home Appliances Bulgaria, Lufthansa, WizzAir, UniCredit Leasing, AP Mart.

Notable practitioners  

Todor Todorov is an "incredible performer" who assists with all local and international tax matters. One client regards Todorov as "the top for tax law, the best at navigating respective public administrations and at managing complex cases before the courts."

Zahari Naumov is "solution-oriented, responsive and quick" in his comprehensive tax advice. Sources also say that he is "very active - he's not missing anything, he's quick in thoughts and actions in a courtroom."