Legal Blog

Deadline for company re-registration might be extended

The Ministry of Justice have drafted a bill for amendment of the Commercial Register Act, proposing extension of the deadline for reregistration of the Bulgarian companies. The new proposed deadline for reregistration is 30 June 2011. Along with the deadline extension, the other major amendment is that the applicants don’t lose the state fee if they have made mistakes in the application or in the enclosed documents. The current practice of the Commercial Register was to withhold the fees if the applicant has made mistakes to the documents.

The Orchard - almost two years later

Here are some pictures of The Orchard development in Bansko taken one week ago. As you can see, there is not much difference since January 2009 - almost two years later. All investors need to decide for themselves if the promises given by the developer will ever come true. [gallery link=“file” columns=“2”]

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.

Easy and quick EU residency

A company that will get for any non-EU national European residency for as quick as three months. Very neat! See the residency application contacts. The information is very useful and they have regularly updated residency news blog.

Some media reactions on the Property rip off by Bulgarian Dreams

Last Tuesday one of the most respected Bulgarian business newspapers Capital, published an article about the Bulgarian Dreams rip off. The articles is only in Bulgarian and you can find it here. A basic translation done by Google Translate can be read HERE Edit: I now see that “The Sofia Echo” has translated the articles from Capital newspaper into proper English. You can read it here

Echo of the Bulgarian property crisis

Yesterday I found an article in the Independent newspaper talking about how Irish are blaming the property journalists for misleading the investors for investment locations like Bulgaria. Indeed, I’m sure that there were a lot of paid publications (Articles) which presented Bulgarian properties as quick and easy investment return. However I hink most of the negative influence was made by the UK and Irish estate agents. Pursuing quick middle-man fees, they have convinced thousands of investors to put their money into something that was not quite right.

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.

The mass liquidation of companies in Bulgaria

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.

Company registration getting slower

I just wanted to update all who are still to register/re-register their companies. The Commercial Register now is 18 days behind the normal deadline for application processing. As the end of the year comes closer, the company registration will take longer. The solution would be that the Commercial Register to hire more people to process the applications.

British expats in Varna will benefit MHLegal solicitor services

As of 15 June 2010, Varna will benefit from the legal services of solicitor Milen Hristov. The Varna office will be fully operational then. All English speaking clients who need solicitor help regarding company registration,property purchase/sell, visa issues etc. See more details how to find the Varna solicitor office here