a

За клиенти

Terms & Conditions

Privacy Policy

Usful Links

Contacts

© Copyright 2018 KYD ATTORNEYS AT LAW.
All Rights Reserved.

info@kyd-lаw.com

Search
Menu
 

Uncategorized

KYD lawyers > Uncategorized

BULGARIAN PARLIAMENT ADOPTED THE LAW ON THE MEASURES AND ACTIONS DURING THE STATE OF EMERGENCY

On 23 March 2020 the Bulgarian National Assembly adopted the Act on the measures and actions during the state of emergency declared by a decision of the National Assembly dated 13 March 2020 (the “State of Emergency Act”). The State of Emergency Act was promulgated in State Gazette No 28/24.03.2020. Some of the measures which are introduced by the new law include: All announced public sales shall be suspended, garnishing of bank accounts and salaries on individuals may not be imposed. Procedural deadlines and limitation periods are temporarily suspended.During the state of emergency all consequences relating to payment defaults such as interest, delay penalties, acceleration and...

Continue reading

Gergina Kyoseva advises Bulsatcom on the Group’s financial restructuring

Gergina Kyoseva assisted by co-counsel Liliya Tsoncheva advised Bulsatcom EAD – the biggest Bulgarian TV and satellite operator in relation to its financial and operational restructuring. The restructuring process took more than two years during which Bulsatcom settled its current debt to commercial and financial creditors, terminated major litigation and enforcement cases and reached settlement with Bulgaria Sat EAD – the owner of Bulgaria Sat- 1 satellite, and its principal lender the Export-Import Bank of the United States. The complex financial transaction consisted in restructuring of Bulsatcom’s EUR 80 million existing syndicated bank facility initially provided in 2014 by leading international banks through conversion of part of the debt to equity...

Continue reading

HOW SETTING UP A BANK ACCOUNT BECAME THE NEW CHALLENGE FOR THE BUSINESS IN BULGARIA

Preventing and combating money laundering and terrorism financing has been a hot topic on EU level for some time now. As a result of the new rules and the implementation of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing in the national legislation of the Member States, banks and other entities covered by the EU anti-money laundering rules are required to apply increased checks to better identify any suspicious money flows.  “The road to hell...

Continue reading

BEARER SHARES BANNED

According to the latest amendments to the Bulgarian Commerce Act, promulgated in State Gazette No. 88/23.10.2018, in force as of 23 October 2018, issuing of bearer shares will not be possible anymore. Bearer shares or temporary certificates issued prior to the amendments are substituted by registered shares. The law provides 9 months period for the bearer shares of existing companies to be substituted by registered shares. The companies are obliged to amend their articles of association, to keep shareholder register and to publish them with the Commercial Registry and the Registry of the Non-Profit Legal Entities. Within two months upon expiry of the...

Continue reading

New Anti-Money Laundering Act Provides For Announcing Of Ultimate Beneficial Owners Until 31 May 2019

A new Anti-Money Laundering Act was promulgated on 27 March 2018 and entered into force on 31 March 2018. The law transposes into the Bulgarian national legislation the requirements of Directive (EU) 2015/849 of the European Parliament and of the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing (the “Anti-Money Laundering Directive”), the International standards on combating money laundering and the financing of terrorism (the “FATF Recommendations”) and the Convention on laundering, search, seizure and confiscation of the proceeds from crime and on the...

Continue reading