Restricted access to company files

The new regulations in to the Commercial Register Act restrict free anonymous access to the company files, located in the online database of the Registry Agency. Together with the long anticipated mandatory liquidation amendments, the new articles impose requirements for authentication in the register. No anonymous access to company files any more No matter what are the reasons behind this new regulation, it surely casts some shadow over the free access to information.

Happy New Year 2013

Compulsory company liquidation will start early 2012

The long anticipated changes to the Commercial Register Act are finally here. The changes concerning company liquidation of non-re-registered companies in Bulgaria are in force as from its promulgation in Stage Gazette, issue 99,2012. What was the liquidation situation by now Before the amendments there was no clear idea how the liquidation process for non-re-registered companies can start. I want to note that I’m talking about the liquidation process only for companies, which failed to register under the new Commercial Register.

Official information on property purchases and Condominium ownership in Bulgaria

Yesterday the Registry Agency announced their official property information webstie. We know very well that foreigners have concerns trusting information over the Internet, as there are many contradictory sources. People often ask in forums and receive ‘advice’ from other fellow forumers. This is neither professional advice nor a trusted source information. The goal of the official information property website As the press release announcement stated, the goal of this property information source is:

Rural house in Bulgaria what to be careful about when you buy one

Rural houses in Bulgaria are tempting both for investment purchase and for retirement life. People consider them so cheap that its not worth the hassle to instruct a solicitor to check whether the property documents are in order or not. Ignorance, however, often can cause troubles when you least expect. We had few cases where retirement couples have bought such rural village properties and have renovated them. They’ve spent few years enjoying relaxing life at the country side.

Running your Bulgarian business remotely

Despite the recent bad image of Bulgaria, the country still got its business benefits. It’s has the lowest corporation tax in EU, along with Cyprus, but also has the advantage of lowest labour costs. If you consider the EU principle of free movement capitals this makes Bulgaria highly valuable place for outsourcing of company services. Create and run my business remotely over Internet and using Bulgarian solicitor Almost anything in Bulgaria can be done remotely, by using certified Power of attorney.

Compulsory company liquidation procedure to be changed (again!)

October 2012 has come and there is no sign of the lists containing all un-reregistered companies which had to be produced by the Regional Courts of Bulgaria. The lists were necessary for initiation of the compulsory company liquidation. As solicitors who actively work in the company law area, we have tried many times to contact the courts and have asked when the lists will be available. Normally the chairman of the court couldn’t tell us anything in particular.

Maintenance companies mislead condominium owners

Last week we were instructed by a client to represent him and attend an Annual General Meeting (AGM) of the condominium apartment hotel at the Black Sea. The AGM was convened by the maintenance company, which claimed also to be the Manager of the complex. The invitation didn’t indicate any details, such as, who represents the maintenance company in its capacity of Manager or even how a third party, not owner, can be a Manager at all.

Notary services in Bulgaria

The Economist has a great article about the current role of the notaries all over the world. Their services vary depending on the jurisdiction and the local laws in effect - certification of various documents, exclusive conveyancing services etc. In general, notary role depends on whether the practice is located in common law legal system or in the continental legal system. Difference between UK and Bulgarian Notary Public Unlike in the UK, where solicitors can certify documents along with the notaries public, in Bulgaria solicitors registered in the Bar, can not certify documents.

Owning property on personal name in Bulgaria

After Jan 2012, EU citizens are allowed to own regulated land property on their personal names. I have covered this topic few times in the past months, so I’m not going to enter another useless dispute with yet another notary, scared to apply the law. The purpose of this post is to inform the property buyers what they are obliged to do after they actually purchase the regulated land and/or house.