Merry Christmas and a Happy New Year!
Survey on the public trust in the Bulgarian Courts
A recent Survey of the Center For The Study of Democracy showed that less than 20% of the Bulgarian actually trust the Bulgarian court. This result is both curious and also shows how deep is the judicial crisis in the courts. The lack of reforms is causing the system to struggle and to go more sluggish each year. The corruption takes enormous scales and unfortunately nobody from the government is engaged with new reforms.
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How’s court decision taken in Bulgaria
We’ve just found a great article in The Economist about scientific research of what influences judges for taking a particular decision. It turns out that “Justice is what the judge had for breakfast” indeed. In our litigation practice we can confirm that this is indeed true. Moreover, we can add some additional factors pushing the course of the court resolution – this is:
- judge’s attitude towards the parties lawyers;
- if the judge is overloaded with cases;
- if the previous case parties have made him angry;
- if the judge was sleeping well the last night etc.
It’s all human factors which influence court decision in Bulgaria and which sometime breaks a party’s life. Last but not least (even more significant than the previous ones) it’s the corruption. The judicial system of Bulgaria is sill encapsulated and if you’re close friend to the judge you can get whatever court resolution you want – the judge will always find a legal way to justify their resolution.
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Re-registration of companies deadline extended to 30.06.2011
The Bulgarian parliament has extended the deadline for company re-registration. The new deadline is 30 June 2011. The bill for extension is not yet voted on the second hearing and not yet promulgated in State Gazette . However it is a matter of time this to be done.
This is good news to all companies that hasn’t been re-registered yet. However it is not a good idea for company owners to wait to the end of the new deadline. Ask your lawyers to prepare all necessary documents and re-register your companies. In our practice we face various obstacles for re-registration like missing documents, deceased shareholders, shareholders’ disputes etc. So generally it is a good idea to start the re-registration as soon as possible, because you never know if the process will go as smooth as you thought.
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115 days until all unregistered companies will be liquidated!
Once again, all Brits that have companies and still are not re-registered, please do it by the end of the year. If you don’t do it, your company will be liquidated and they will lose all company’s assets.
The re-registration takes about couple of weeks, depending which is the registration court of the company.
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Liquidation of company in Varna
There are many disappointed UK investors in Bulgaria. Some of them are leaving the country and want to sell their investment and recover at least some of the money they have put in property or business. The problems each foreigner is facing are:
- How to sell the property at a decent price so that at least 70% of the investment is recovered and
- What will happen to the Bulgarian company
As the first problem is connected mainly to the market demand, the second problem can be resolved with a help of a lawyer. Usually when you sell you property the company is becoming dormant and you are not trading anymore. IF you intend to leave the country for ever it will be not so good idea to leave a company with your name in it. Sooner or later the National Revenue Agency might want to make an inspection and will find out that you haven’t submitted annual tax declarations. This will be quite suspicious so your company will be marked as one to be surveyed. The tax and financial information in the EU is quite easy transferable. It might turnout that you will be charged with the Bulgarian fine in UK, which is quite unpleasant experience for your UK tax record.
The solution to get rid of the Bulgarian company is to close it by liquidation. The liquidation process takes about 6 months, having in mind that the company has no public or other debts. A liquidator has to be appointed who will take care of the whole process, prepare and submit the necessary documents, so your company will be removed from the Companies register of Bulgaria. Since I am professional liquidator I take care of all the procedures and have your company closed as smooth as it should be. No stress, no problems for you. I am also a registered liquidator with the Registry Agency of Bulgaria. My office is based in Varna so should you have a company registered in Black sea region, do not hesitate to contact me.
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Court case against Bulgarian developer won by MHLegal
Our law office has initiated more than 10 similar cases against Bulgarian developers. The cases are at different stages and proceed with different speed, depending on the court workload. However last week we got the first court resolution. The court awarded our British client with the amount of EUR 35,000 plus expenses, penalty and interest on the awarded amount.
Another client of ours also claimed his money back (almost 80,000 pounds) and we were at the middle of the court proceedings, when the defendant -developer- agreed to reimburse our client with a finished house at the Black Sea coast (act 16 included). The current market price of the house is estimated to be around 80,000-85,000 pounds)
In both cases above, the clients claimed their money back due to a huge delay in the construction of the purchased off-plan property. If you have similar case, we can help you get your money back. You can contact our law office at the following email address: milen@mhlegal.eu . Just outline your case and provide scanned copies of the relevant documentation.
If you want to know more about the court case process, please read this article