Liquidation trade companies in Bulgaria

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Although undesirable, events such as the liquidation of commands do happen, so our law office provides legal advices and professional assistance ias dissolution of business activities, when liquidating commercial companies and non-profit organizations.

We act as a liquidator and take all the necessary actions in the liquidation proceedings under the current legislation in Bulgaria.

As insolvensy & liquidation lawyers we take on the following tasks:

• Drafting of legal documents concerning the procedure
• Sending notifications to all creditors.
• Notification to the National Revenue Agency of the winding-up started.
• Submission of an application for deletion from the Commercial Register, proposal for initiation of insolvency proceedings and execution of all necessary actions related to the procedure.
• Finalizing current transactions.
• Collection of receivables.
• Liquidation of assets.
• Satisfaction of creditors.
• Legal assistance and representation and submission of outstanding claims to creditors of commercial companies and non-profit organizations against whom liquidation proceedings have been initiated.

THE PROCEDURE OF INSOLVENCY

We provide legal representation of a creditor or debtor in taking action to initiate insolvency proceedings.The liquidation is an out-of-court procedure. Its aim is to divide the assets of the company between the partners. The liquidation procedure is regulated inchapter 17 of the Commercial Code.

According to Article 266 of the Commercial Code, the procedure is conducted by one or more liquidators. Liquidators may be appointed by the general meeting, by the partners with unlimited liability or by the court. According to Article 269 Commercial Code, the notarially certified consent and the specimen signature are recorded in thecommercial register. The liquidators are entrusted with the responsibility of managing and representing the company.

This includes assistance in formulating objections, requesting the admission of protective measures or a restructuring plan when submitting a proposal to open insolvency proceedings to the court. D. Vladimirov & Partners is on your disposal at preparation of the creditors’ meeting specified by the court.

We also help in appeals against judgments rejecting the proposal to open insolvency proceedings, and support the activity of a trustee in liquidation before the insolvency procedure.

LIQUIDATION OF THE ASSETS

The help of our law firm is related to the liquidation of insolvency assets and the sale of the debtor’s economic rights. We will prepare all necessary documents in the sale of the debtor’s assets, as well as a statement of the distributions of the amounts collected upon the liquidation of his/her assets.

RESTORING THE ASSETS OF THE INSOLVENT ESTATE

Undoubtedly, this is one of the most essential stages. Our legal aid consists of the following:

• Collection of unpaid shares or contributions, as well as debts to the debtor.
• Termination of outstanding contracts.
• Taking actions to put aside deals.
• Take action to terminate, cancel or avoid contracts.
• Inventory of the debtor’s assets.

Legal claims before Bulgarian court

In case of lodgement of claims, we provide the following legal assistance:

• Organization of creditors’ meetings in open insolvency proceedings.
• Legal support and representation of creditors when claiming in open insolvency proceedings against certain debtors.
• Drawing an appeal to the court against a debt that is accepted or not accepted by the liquidator.
• Submission of a complaint in the course of insolvency proceedings.
• We also assist in company restructuring.