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.