The biggest issue with the compulsory liquidation of the Bulgarian limited companies is the communication with the state appointed liquidator. Since the Registry Agency appoints liquidators from their liquidators lists, no one considers whether the company owner is foreigner or does he speaks Bulgarian. Some liquidators are not diligent enough when they see that the company owner is not Bulgarian. Sometimes they will not make efforts to contact the latter. One a separate note, this is difficult because the company owner address is spelled in Cyrillic letters and it is very difficult to restore the right English spelling.

Normally the the newly appointed liquidator will try to contact the capital owner(s) and request all company documentation i.e. contracts, bank account balance, court papers (if any), past years accounting reports etc. These will be needed to find out if the company has any outstanding debts and to repay them. Only then the rest of the company assets will be cashed and distributed among the company capital owners. Upon request of the capital owners and if available, any property left can be transferred to the company owner(s) without being cashed.

The latter is an exemption rather than a normal procedure. Therefore the company owners need explicitly and formally to request this transfer from the liquidator. If this request is not made in a formal way, the liquidator will sell the property on public tender/auction. As solicitors, we ensure that the formal request is submitted to the liquidator on time and no foreigner loses their property just because a formal request hasn’t been made to the liquidator.

Having said the above, I strongly encourage all Britons and Irish who still haven’t re-registered their companies – you still can keep your properties! The only effort you need to make is contact us with details of your Bulgarian limited company. We will take care of the rest.

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  • Svetlana Averina 18 May 2012 Reply

    Good afternoon. I am property owner in Bulgaria, Dobrich region and I am the company owner. I would like to write the house on my name and liquidate my company. Please, advice me what to do next. I am Latvian citizen (it is EU country). I will wait advice from you how to write the house on my name and liquidate my company. Thank you

  • TERENCE SNOW 27 June 2012 Reply

    I wish to deed gift the assett of my company .House only to my daughter all paper work is up to date No money changes hands as is the requirment of a gift of deed.. I will retain the company only . can you do this for me at what cost.

    • Milen Hristov 28 June 2012 Reply

      Hello Terence. Yes, this is possible. However you need to know that if your company makes deed gift to your daughter, there will be taxes on the value of the assets and notary costs, besides our fees. These will be lower than if you do it via sale. I will send you an email with a quote for the total costs.

  • TERENCE SNOW 27 June 2012 Reply

    Futher to my request to transfer my company assetts.. My daughter is a U.k. citizen..

  • George Coates 17 September 2012 Reply

    Hi can you tell me is there a way of me finding out if a particular Bulgarian company has gone into liquidation? in this case its a retail company based in Dobrich. It there a website where I can check this?

    Thank you in advance

  • David Williams 26 September 2012 Reply

    I and my partner sold our jointly owned house near Veliko Tarnovo in December through an estate agent. When we bought the house six years ago it was legally necessary to form a limited company to do this. There have been no employees and the house has remained empty so there has been no income although we have had to submit accounts each year. We now wish to close the company if we have to continue to submit annual accounts,, even though we no longer own the house. Is this necessary and how much would it cost? Many thanks.

    • Milen Hristov 5 October 2012 Reply

      Even if the company is dormant it has to file nil tax declaration and to announce its nil accounts to the Commercial Register. That brings you to using accounting services and incur costs even if the company is dormant. My advice is to liquidate the company. I have sent you an email with our offer for company liquidation.

  • Kathy Byers 10 October 2012 Reply

    I too have a limited company where I no. Longer have a property and pay accontancy fees each year how do I go about liquidating the company

    • Milen Hristov 10 October 2012 Reply

      Hi Kathy, yes we can help you liquidate your dormant company. I’ve sent you an email with more details.

  • Paul Chitty 2 March 2013 Reply

    I bought four acres of land near Sunny Beach in 2007 and via my Bulgarian Co. spent nearly £90,000 in purchase and regulation and taxes. It has now been deemed virtually worthless and unsaleable and it was my intention to sit on it til matters improve, be it 10 or 20 years even. However, I am getting a rates bill that is being increased by over 100% per anum. It is now approaching £1500 and at this rate of increase it seems I am going to be forced out of the land or into bankrupting the company. Will there be any personal liability thereafter. Any advice please ?
    le

    • Milen Hristov 5 March 2013 Reply

      Hi Paul, you are receiving huge bills because you own the land through a company. Council property taxes are usually triple if you own the property through a company. Check with your local municipality what would be the tax if you own the same land on a personal name. An alternative to abandon the land would be to transfer it to your own name and liquidate the company. To your specific question – you will be liable only to the amount of the capital you have put in your company e.g. if it is 5000 Levs, your liability will be 5000 Levs. Another alternative to reduce this liability is to reduce the capital of your company. This is a procedure we can help you with.

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