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:

1. How to sell the property at a decent price so that at least 70% of the investment is recovered and
2. 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.

The mid year passed and the deadline for re-registration all Bulgarian companies is fast approaching. January 2011 will become nightmare for company owners who haven’t reregistered. Their companies will be forced into liquidation by the court and the all company assets will be sold on public tenders. Moreover, the court will appoint a liquidator and the company owner will have to pay their monthly salary. IF the company assets are not enough, the company owners will be liable for both company debts and for liquidator’s salary.

Therefore we strongly urge all foreigners who still haven’t reregistered their company to do it as early as possible.

Those of you who have companies registered before 1 Jan 2008 and haven’t done the re-registration, need to hurry. The Commercial Register Act regulates the deadline for re-registration is 31 Dec 2010.

If you fail to re-register on time, your company will be liquidated by the court and official state liquidator will be appointed. The consequence of this will be that your company’s assets will be sold on public tender and the liquidator’s salary will be paid out of that assets.

Don’t miss the deadline!  You can loose your property and you will bear liability for all expenses made in court for your company liquidation.