Many non-Bulgarians buy property in the country by registering a company. If this is your case and you fail to re-register your company under the new Commercial Register Act in three years’ term, your property may be jeopardized.

If you fail to re-register your company within the said period, the court will initiate a liquidation procedure. A shareholder will be appointed as a liquidator. If none of the shareholders could be found, the court will appoint a liquidator at its discretion.

During the liquidation the company will be assessed and all properties shall be put out to a public tender. After the tender procedure is over, the company will be closed.

To avoid the latter, don’t forget to get an English speaking lawyer who will explain the whole procedure to you and will do the re-registration for you.