Insolvency and Creditors’ Rights
The Insolvency and Creditors’ Rights practice was launched in 1994 (when Chapter IV of the Bulgarian Commerce Act governing insolvency proceedings in Bulgaria was adopted). The team, headed by the name partner Yavor Kambourov, was involved in the first and largest bank insolvency proceedings, initiated in 1996.
We have advised major creditors in landmark insolvency cases of significant public interest and legal complexity.
In the absence of legally regulated instruments (such as Chapter 11 in the USA, Schemes of Arrangement in the UK, or the Preventive Concordate as applicable in Bulgaria before 1944), the team has developed complex restructuring mechanisms in full compliance with the applicable law. We assist in restructuring and insolvency proceedings, cross-border restructuring matters, insolvency litigation and enforcement, restructuring and out-of-court workouts, implementation of specific pre-pack and rehabilitation mechanisms for restructuring of indebted businesses.
Always delivers more than what is expected (Chambers Europe 2019)
Clients are impressed by the motivation of the team (Chambers Europe 2018)
Long-standing leaders in the field of insolvency litigation, enforcement, out-of-court workouts and refinancing schemes (Chambers Europe 2017)
What to expect from the proposed major reform in insolvency proceedings?Potential unconstitutionality of certain bank insolvency provisionsPractical aspects of trader stabilisation proceedingsRecent case law in the field of insolvency proceedingsCOVID-19 and measures for distressed businessesGlobal Guide: Measures adopted to support distressed businesses through the COVID-19 crisis Rules for deferral and arrangement of liabilities due to banks and their subsidiaries – financial institutions