Bulgaria: Amendments to the Commerce Act

Commercial register. In the Commercial Register Act the deadline for mandatory re-registration of commercial companies and sole proprietors in the Commercial Register has been extended to 31 December 2011.
The amendments aim to ensure sufficient guarantees for transparency with regard to exercising the rights arising from the registered shares in a joint-stock company. Particular attention is therefore attributed to the shareholders’ register of a company, which should contain complete and accurate information regarding the holders of registered shares at any time.
Pursuant to the amendments, legal representatives of the company are obliged to ensure the reporting of all required circumstances, as well as any changes in the shareholders’ register not later than seven days after receiving the relevant documents in accordance with the law and the articles of association.
Bankruptcy. The adopted amendments related to the bankruptcy procedure aim primarily at a more effective protection of the interests of the creditors.
The range of persons, who are entitled to appeal court rulings for opening and termination of the bankruptcy procedure has been extended. With this amendment the right to appeal was granted to creditors who have receivables against the debtor secured by a pledge or mortgage registered in a public registry.
However, court rulings may be appealed only by creditors, for whom it can be undoubtedly established that they have become creditors prior to the date of the court ruling  by means of registration of the securities in a public register.
The application for opening of a bankruptcy procedure filed by a company, which has become insolvent or overindebted, should be announced in the Commercial Register in order to guarantee a larger publicity.
The amendment provides also for the ceasing of all individual court and arbitration proceedings against a debtor as soon as a bankruptcy procedure is opened against him. Court or arbitration proceedings against a debtor are not ceased if the proceedings refer to receivables from the debtor which have been secured with property of third parties


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