law Tag

From the standpoint of legal theory the principle valid in bankruptcy is as follows: the moment the merchant falls into bankruptcy, respectively over-indebtedness – all his creditors form a particular group, namely that of the bankruptcy creditors of the debtor. It may well be the case that some of the creditors have found out about their debtor’s bankruptcy only after the opening of the...

Trading companies long since have passed beyond the borders of countries in which they have their registered office, central administration and principal place of business. Internationalization is gaining ground both in the sphere of activities and in the structure of the companies pursuing the increase of their profits and has put on the agenda the question of their correct and advisable...

At the end of 2011 a second bill was introduced into parliament for the revision of the Law on Renewable Energy Sources. On 28th March 2012 the amendments in the law were voted at second reading, and they will be published in the State Gazette. What essentially are the amendments: Amended is the moment of determining the preferential purchase price of the electric energy produced from RES...

The new Double Tax Avoidance Treaty with Austria came into force as of 3 February 2011. The Treaty applies to taxation at source of profits made on and after 1 January 2012. Concerning other types of taxes, the Treaty is applicable as of 1 January 2011. In contrast with the old treaty, the new Double Tax Avoidance Treaty with Austria entirely follows the structure of the Tax Convention Model...

As is well known, as a result of the financial crisis ЕU’s two major member states – France and Germany exerted pressure on the European Commission to introduce the so called tax on financial transactions. Consequently, on 28th September 2011 the European Commission presented a proposal for a Council Directive for a common system of financial transaction tax and amending Directive 2008/7/EC.

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.