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Publications

29.09.2020

Incorporating a limited liability company in Bulgaria: main aspects

The limited liability company is the most common commercial form in Bulgaria (abbreviation in Bulgarian: “OOD”). Read a summary of the main aspects of the incorporation of a limited liability company in Bulgaria in accordance with the applicable legislation and case law.

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10.09.2020

Amendments to the Bulgarian Public Offering of Securities Act

In mid-July, the Bulgarian parliament adopted amendments to the Public Offering of Securities Act (POSA), thus introducing measures into national law for the implementation of Regulation (EU) 2017/1129.

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08.09.2020

Specifics of IT transactions

Prompted by the dynamic development of technologies, the IT sector in Bulgaria has provided the perfect backdrop for multiple deals and strategic moves in the past couple of years. With the main transaction model being for larger, well-established companies to acquire smaller startups, buyers need to consider two key aspects...

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01.09.2020

Firmer sanctions for intellectual property crimes

In the beginning of August, the Council of Ministers approved a draft Act for amendments to the Bulgarian Criminal Code and submitted it to the National Assembly. The principal changes, introduced by the draft, concern intellectual property crimes and in particular - cybercrime.

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31.08.2020

Disposing of agricultural land - administrative burdens

The Bulgarian Constitution defines land as a fundamental national asset, which benefits from particular protection from the state and the society. This determines the peculiarities of the legal regulation of agricultural land, which in principle should be used for agricultural purposes only, although some exceptions do exist. 

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27.08.2020

Practical aspects of trader stabilisation proceedings

Regulated in the Bulgarian Commercial Act, trader stabilisation proceedings seek to help companies overcome financial difficulties and avoid insolvency proceedings.

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25.08.2020

Next Generation EU: Perspectives for Bulgaria in the context of REACT-EU

At a Special European Council held in July, EU leaders reached a key agreement on a COVID-19 recovery plan. The European budget for the next seven years was approved, as well as an unprecedented emergency funding instrument - Next Generation EU. 

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13.08.2020

Inheriting shares in a joint stock company - the latest case law

At the end of last month, the Bulgarian Supreme Court of Cassation (SCC) ruled on a longstanding issue with regard to inheriting shares in a joint stock company 

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11.08.2020

Amendments to the Bulgarian Gambling Act

On 23 July, the Bulgarian Parliament adopted the Act on amendment and supplementation of the Gambling Act (AASGA). The AASGA was promulgated in the State Gazette on 29 July 2020 and the amendments entered into force on Monday, 10 August 2020.

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10.08.2020

To disclose or not to disclose: Bulgaria extends reporting deadlines under DAC 6

The European Directive on Administrative Co-operation in the field of taxation (“DAC 6”) entered into force across the European Union as of 1 July 2020. Nevertheless, in light of the COVID-19 pandemic the European Council allowed for a 6 months deferral for filing obligations and exchange of information under the reporting framework.

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07.08.2020

Recent case law in the field of insolvency proceedings

In July 2020, the Bulgarian Supreme Court of Cassation adopted an interpretative decision (№2/2020) on certain legal issues related to insolvency proceedings.

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06.08.2020

Model AML internal rules published by the State Agency for National Security

There are several important points to consider with regard to the apporoaching deadline (21 August 2020) for adopting internal AML rules. 

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04.08.2020

The right to be forgotten: GDPR aspects and new EDPB Guidelines

The lack of fixed and sector-specific criteria for approving or rejecting requests under the “right to be forgotten”, motivated the European Data Protection Board (“EDPB”) to adopt guidelines focused on exercising the right before search engines providers

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29.07.2020

Real estate lease agreements: Deletion of registration

Landlords in Bulgaria often face a practical problem when a real estate lease agreement is terminated ahead of its term. The issue refers to the inability of deleting the registration of the respective agreement in the registry office, corresponding to the location of the real estate. The topic has become particularly relevant in the current situation of the COVID-19 pandemic.

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23.07.2020

Recent CJEU case-law in the field of digital media

Over the last month, the Court of Justice of the European Union (CJEU) has issued several interesting judgements in the field of intellectual property protection in digital media.

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22.07.2020

COVID-19 testing in the context of employment relations

The COVID-19 pandemic has heavily affected labour relations globally, posing a number of doubts, challenges and issues to both employers and employees. We will look at the legal implications of COVID-19 testing in the workplace, assuming the PCR method as the most commonly used one.

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16.07.2020

AGMs during the pandemic

What is the legal regime of AGMs in the context of the COVID-19 pandemic and the associated restrictions on movement. 

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13.07.2020

What happens when a coronavirus case is confirmed in the workplace?

What are the steps and procedures to be undertaken? Can the company/organisation continue its activity? Is it mandatory to test all employees of the company?

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09.07.2020

Transactions and the advantages of an escrow mechanism

Businesses have long been searching for the most optimal way to carry out transactions smoothly. In this context, escrow services have been enjoying a growing popularity over the last decade.

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07.07.2020

M&A: Overview of merger clearance and practical issues

One of the most important elements for а healthy business environment and a key prerequisite for economic growth is maintaining effective competition in domestic and national markets.

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02.07.2020

Key takeaways from the bill for supplements to the Bulgarian Personal Data Protection Act

At the end of May this year, a group of MPs introduced a bill for supplements to the Bulgarian Personal Data Protection Act. It attempts to regulate the information circulating on the Internet, both in terms of websites and publications available in blogs, social networks, etc.

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01.07.2020

Recovery Plan for Europe: Next Generation EU

Healthcare and welfare systems across the world have been faced with extraordinary challenges in the past months. In Europe, as numbers of COVID-19 cases were rising, significant restrictions were being imposed to contain the virus. This inevitably led to severe social and economic damage and the urgent need for a consolidated financial response at EU level.

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25.06.2020

A guide to real estate acquisitions through capital companies

In addition to traditional transactions, the acquisition of real estate could be carried out through the establishment of a capital company with capital which is constituted by an in-kind contribution of real estate and subsequent purchase of the shares in this company. The procedure involves...

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24.06.2020

COVID-19 and measures for distressed businesses

The COVID-19 pandemic has posed serious difficulties for a great number of businesses. To address this extraordinary challenge, countries around the world have introduced various stabilisation and economic support measures.

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19.06.2020

Video conferencing - risks & recommendations

Video conferencing apps have been enjoying particular popularity over the past months and it seems like they are here to stay.

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16.06.2020

Deadlines for 2020 annual financial statements

The COVID-19 pandemic has severely affected numerous sectors and posed a number of unprecedented challenges to businesses, both from a practical and from a legal standpoint. 

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12.06.2020

Important deadlines for adopting internal rules under the Measures Against Money Laundering Act

The deadline for adopting internal rules on money laundering and terrorist financing control and prevention is August 21, 2020 at 24:00h...

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09.06.2020

Dawn raids of the Commission on Protection of Competition

Dawn raids are an extremely effective means of gathering evidence by competition authorities when investigating alleged infringements related to prohibited agreements, decisions... 

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04.06.2020

Can any word be my domain name? How about COVID-19?

In the context of the COVID-19 pandemic, which significantly disturbed economic processes around the world, many businesses had to accelerate the digitalisation process and focus on remote provision of their services. 

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20.05.2020

Back to work - how to create a safe environment for employees?

We have put together a back-to-work checklist with some of the basic steps employers should follow when resuming standard work processes...

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15.05.2020

How to maintain the arm’s length during a pandemic?

Markets functioning on the basis of free movement of goods, services, persons and capital flows, are currently facing one of the biggest challenges since 1930s... 

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30.04.2020

Data traffic and surveillance during state of emergency

We are facing perhaps the biggest world crisis that today’s tech-driven society has ever seen. The hurricane will pass, but the choices we are making right now could change our lives for the upcoming years...

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23.04.2020

Free use of patents in the fight against COVID-19

The Open COVID Pledge initiative - good news in times of crisis

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22.04.2020

Managing your permanent establishment risk and corporate residency in times of COVID-19 pandemic

On 3 April 2020 the Secretariat of the Organisation for...

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12.04.2020

Amending and Supplementing Act of the Bulgarian State of Emergency Measures Act

The Amending and Supplementing Act of the Bulgarian State of Emergency Measures Act, adopted on 06.04.2020...

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10.04.2020

State of emergency: Rules for deferral and arrangement of liabilities

On 10 April 2020, the Bulgarian National Bank (‘BNB’) issued a press release that its Governing Board has affirmed the draft Rules for deferral and arrangement of liabilities... 

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30.03.2020

Compensation of 60% of insurable earnings during the state of emergency

Conditions, business categories, procedure and documentation

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26.03.2020

State of Emergency Measures Act

On 24.03.2020, the State of Emergency Measures Act (SEMA, the Act) was published in the Bulgarian State Gazette. The Act enters into force retroactively...

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25.03.2020

Can I register “coronavirus” as a trademark?

Does intellectual property law have the tools to prevent abuse in times of crisis?   

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24.03.2020

COVID-19 & State Aid

On 19 March 2020, the European Commission adopted a Temporary Framework for State aid measures to support the...

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19.03.2020

State of emergency: Proposed amendments to the Labour Code

On March 18, the National Assembly adopted at first reading the Emergency Measures Draft Law. It reproduces much of the already known anti-epidemic measures from the Minister of Health's Order, which imposed the first restrictions on social life…

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18.03.2020

COVID-19 outbreak: Impact on commercial contracts

Does the coronavirus outbreak and the declared “State of emergency” amount to a force majeure event? What are the options for financial support for businesses in response to mitigate the... 

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17.03.2020

Remote use of corporate IT infrastructure

The State of emergency, declared last week by the Bulgarian Parliament, as part of the global effort to halt the spread of COVID-19, and the subsequent Order by the Bulgarian Minister of Health (Order №…

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16.03.2020

State of Emergency in Bulgaria - Labour, Global Mobility and Tax Aspects

On 13 March 2020 Bulgaria declared a state of emergency as part of the global effort to stop the spread of COVID-19. As part of the adopted measures, employers were asked to…

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