News

With the start of the new year, the widely discussed and received with controversial responses Pension Reform also begins. It foresees an increase in the pension age and the necessary years of service. The length of service and pension age was pushed up for women and men by 4 months and it will continue to rise every subsequent year with 4 months.

By making provision for relief of future claims by way of injunction, the Law provides the creditor with the possibility to secure in advance his future claims against a debtor. The purpose of the procedure is to prevent the debtor from disposing of the property prior or during the legal proceedings to the detriment of the creditor’s interest.

From 01.01.2012 onward the restriction to acquire land for a secondary residence or for business purposes is annulled for citizens of EU member-states, Norway, Iceland and Lichtenstein who are not permanent residents in Bulgaria, as well as for legal entities registered under the legislation of these states. The restriction was envisaged with the Transitional Measures in Application No 6, Part...

The registered pledge is a means of securing the execution of legal obligations. From among the registered pledges the ones of the greatest practical importance are those provided for in the Law on Registered Pledges. The reason for that is the relatively detailed legal framework which provides for a balance in defending the interests of the pledgor and those of the pledge creditor.

The enactment of the Limitation of Cash Payments Act as of 25th February, 2011 enforces limitation of cash payments in the territory of Bulgaria, in the event the value of the payments is equal to or in excess of BGN 15,000 or if the value is below BGN 15,000 where the payments are part of a financial consideration under a contract the value of which is equal to or in excess of BGN 15,000.

The State, the Union, the citizens and their legitimate interests, or how the EU opens up new opportunities for the citizens of Europe The present day legal framework of the European states and of the European Union provides for a rich variety of mechanisms for protection of creditor interests in civil and commercial legal relations.

Reasons for introduction of the order for payment procedure This procedure will make it possible for the creditor to claim his undisputed takings against debtors in all EU-member countries where the Regulation applies. The implementation of such legal procedure in the law systems of the European countries enables creditors to avoid the complex and differing from country to country regular...

Every proprietor or commercial enterprise in Bulgaria which wishes to engage commercially in the international transportation of goods by motor vehicles of Bulgarian registration needs to obtain the so called Community License for the International Carriage of Goods by Road valid in the EU member states This license is issued by the Minister of Transport, IT and Communications, or by an...

The purpose of the execution process is the effective recovery by the creditor /claimant/ of his receivables. Subject to execution is all of the debtor’s property fitted for confiscation, and in the event there is no such property available there remains the possibility to place restrictions on the debtor’s free movement outside the territory of the country.

As the calendar year draws to a close, one of the topics invariably bound to become issues of the day is that of the changes in the tax legislation. Naturally, the question of interest to individuals and legal entities is the expected change to the size, methods of determining and payment of their public obligations, state and local taxes and fees included.