The deadline for re-registration has passed. Now all companies that have failed to meet the deadline will be liquidated. Most Britons have registered companies as holdings of their property in Bulgaria. the compulsory liquidation will put their properties on tender and will sell them before the company is closed. So what they can do?

Make sure you have someone to check your company file on a regular basis. This way you can find who is appointed by the Commercial register as a company liquidator. Once you know his details, you can contact him and discuss with him the options to transfer the property to the company owner without actually putting it on tender. This is one of the options the Commercial Act gives to the company owners i.e. instead of cashing the company assets, the liquidator can distribute the assets to the shareholders after he has paid the liquidation expenses, taxes and liquidator’s remuneration. you need to be persistent on this, since not every liquidator will agree to do it. Therefore it is advised that you hire a solicitor to negotiate on your behalf.

Read more solicitor advice here:


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  • Judy Grant 29 February 2012 Reply

    With regret we have to sell our property in Bulgaria and are trying to find out the cost of liquidation of our company without having to travel to Bulgaria to do this. Thank you for your help.

  • Judy Grant 29 February 2012 Reply

    I forgot to ask on behalf of a friend who also has a property in Bulgaria and she asked me to find out the following information if I contacted you. As a foreigner having registered a company in Bulgaria for buying a property, but have failed to re-register it by the end of 2011, how can I keep my property without selling it on a public tender and just transferring it to myself as an individual. How much time does it takes, how much is it and what do I have to do if I would like to use the service of the people like you to do this.
    Thank you.

    • Milen Hristov 29 February 2012 Reply

      Judy, since the statutory liquidation is compulsory, the company have to be liquidated. The way forward is to take liquidation under your control and instead cashing company assets, you can transfer the property to company owner’s name. The process takes about 6 months, because of the creditor notice which has to be announced and be active for 6 months (again statutory requirement). I’ll email you more details.

  • Lorna Roberts 9 May 2012 Reply

    I didn’t realise that I had to re-register my company and whilst I do want to sell my property I don’t want to lose the money that the property is sold for. How can I go about doing this?

    Thank you.

    • Milen Hristov 15 May 2012 Reply

      We have sent you an email.

  • dennis dakin 10 July 2012 Reply

    we also have a house in izvor in bg for our retirement and did not re reg company. we do not want to lose this we paid 40000 eiros for it and spent money on it !

    • Milen Hristov 10 July 2012 Reply

      You need to transfer the house on your personal names. I will email you how you can do that.

    • Milen Hristov 10 July 2012 Reply

      can you provide your email, because the one you written is wrong.

  • John Seloby-Burwell 28 January 2013 Reply

    Heelo, I have just found out that you need to re-register a BG company that ownes property. Can you tell me what i need to do. I also have bank accounts in BG that i need to sort out, i presure these will have been forzen with the company?

    thanks in advance for you help.

    Regards

    John

    • Milen Hristov 3 February 2013 Reply

      Hello John, I’ve emailed you regarding your case.

  • Ian Anderson-Boles 28 March 2013 Reply

    Hi Milen,
    my friends companies in BG hold land and property and i don’t think the accountant has filed any nil accounts for three years, though both companies were re registered prior to the end of 2011-12 as required. having not submitted accounts for three years i presume the bank accounts are frozen too, I would welcome your advice as to what options are availablefor securing the assets and the best way forward.
    Many thanks Ian

    • Milen Hristov 28 March 2013 Reply

      Hi Ian, I have sent you an email. I will need the Bulstat numbers of the companies, so I can check their current status.

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