POWER OF ATTORNEY IN BULGARIA

The notarial credentials of a power of attorney include the signature of the person’s signature and the validation of the content of the document.POWER OF ATTORNEY IN BULGARIA, authorize a lawyer, granting a power of attorney, Power attorney Bulgaria,Notarial authentication, Drafting power of attorney

Before crediting the power of attorney, you must agree with the notary to sign the notary deed itself.

The power of attorney for the sale of a property is explicit: the property must be described in detail as location, quadrature, the basement or ceiling, the common parts of the building, the right of construction or the yard.

You must indicate whether the authorized person has the right to negotiate the terms of the notarial deed, whether he has the right to receive the sale price, and so on.

If the person you authorize is the co-owner of the property or will be a proxy of third parties, it should be explicitly stated in the power of attorney that he has the right to negotiate with himself as a proxy or co-owner.

TIP: Read carefully the documents you sign. Do not authorize people you do not know or trust.

A power of attorney is a document to be signed only by the party issuing it, that is, the authorized person does not undertake to perform the assignment. To make arrangements for this, you need an additional contract signed by both parties.

A power of attorney is required when the owner of a real estate wants to dispose of (sell, donate, replace, transfer over viewing and maintenance, establish a right in rem, etc.), but is unable to attend the transaction with the notary.

According to the SCC’s requirements in a power of attorney of this type, it is necessary to have a description of the specific properties to which it refers. For this reason, carry and submit a document of ownership to the notary in order to make the document true.POWER OF ATTORNEY IN BULGARIA, authorize a lawyer, granting a power of attorney, Power attorney Bulgaria,Notarial authentication, Drafting power of attorney

It is still debatable whether the sale price should be explicitly stated.

The power of attorney for disposal of a real estate may be temporary or indefinite, but together with it 2 signatures are signed. declarations – The first is under Art. 264, para. 1 of the TIPC – with which the person declares that there are no outstanding obligations for taxes, duties and obligatory insurance contributions, which have not been extinguished; The second declaration – the one under Art. 25, para. 8 of the LNLD is for citizenship and civil status. The first statement is valid for 6 months, so even if the power of attorney is indefinite, the declaration must be renewed – signed and authenticated again before a Notary.

Validity of the power of attorney

The validity (validity) of the power of attorney is determined by the Authorizing Officer, but it also depends on various factors, especially those in practice.

There are several ways to determine the validity of the power of attorney.

In order to determine its validity, the power of attorney may contain any of the texts listed below.

(Third countries, authorities and individuals (notably banking institutions and notaries) to whom the power of attorney will be addressed have the right to set their validity requirements on a time-limit.)

1. The power of attorney shall record the period of its validity by the authorizing officer.

2. The power of attorney is valid until the designated action for which it has been issued.

3. Power of attorney applies until it is withdrawn by the Authorizing Officer (but not more than 10 years from the date of issue).

4. Power of attorney is indefinite. (but no more than 10 years from the date of issue).

Termination of the power of attorney

The power of attorney shall terminate upon one of the following:

1. The authorizing officer shall withdraw the power of attorney.

2. The authorized person shall refuse to execute it.

3. The term specified in the power of attorney has expired as a term of validity.

4. With the death of one of the parties under the power of attorney.

5. With the seizure of the document by a body of authority or its detention as a written proof by a notary and others. (Here the document is valid but can not be used by the authorized person).

Important facts about the power of attorney

1. The power of attorney shall be valid only in the original. If the original of the power of attorney is not presented, it may be assumed that it was withdrawn by the authorizing officer.

2. The notarial power of attorney is the most commonly falsified / falsified document. We remind you that this act is being prosecuted and punished by the law enforcement and judicial authorities.

Withdrawal of Power of Attorney

To withdraw a notarized power of attorney, please contact the notary who certified it. The withdrawal of the power of attorney shall be by several means, depending on the reason for the withdrawal; what are the relationships between the parties; is there a danger of abuse? what volume of rights (types of rights) contains the power of attorney; and others.

Tip : If the power of attorney is entitled to operate a bank account, first notify your bank to note this fact in your bank account.

Types of power of attorney

According to the purpose for which they are issued and their content, the proxies can be divided into the following types:

– explicit power of attorney (contains explicitly specified rights or rights for a specific site / objects);

– a general power of attorney (it contains listed rights that allow for representation with a broader scope, very often this power of attorney is called ” general ” in everyday life, but such a definition has never been given by the law, so there is no ” general power of attorney” !)

Power of attorney (sale, donation, exchange) of immovable property / transfer or establishment of real rights over immovable property.

– Re-authorizing. It is issued on the basis of a notarized power of attorney in which it is explicitly stated that the authorized person has the right to re-authorize other persons (to grant the rights under this power of attorney to third parties, in whole or in part).

Types of powers of attorney according to Notarial Tariff

1. According to the number of delegates (signers).

2. By type of authorization and re-authorization.

3. According to the number of redeployed persons, and as such, the redeployed person is the proxy. Cumulatively with the following conditions.

4. According to the type of power of attorney and from the point of view of the LNHM Notary Public:

– usually;
– for lease;
– for the acquisition, sale, exchange, division of real estate (in the case of transfer or establishment of real rights over immovable property);

-repowering.

Notarial authentication (authentication) of a power of attorney

At the power of attorney, the notary certifies the signature of the person on whose behalf the power of attorney – the principal (s) originates.

The certificate of attestation shall be certified at the same time as the date of issuance of the power of attorney. The date of the notarial certification is also of legal significance.

Exclusion of Power of Attorney: Even if a specified amount / material interest / is stated in the power of attorney, it is not relevant for the formation of the notary fee.POWER OF ATTORNEY IN BULGARIA, authorize a lawyer, granting a power of attorney, Power attorney Bulgaria,Notarial authentication, Drafting power of attorney

A power of attorney for disposal (sale, donation, exchange) of immovable property / for establishment or alteration of real rights / incl. the notary certifies the signature of the authorizing officer and his / her own names. The content of the document is also verified. / All this is certified as the date of issue of the document / In this type of certification, the notary retains an original copy of the document, which is charged as a copy.

Transfer Company shares LLC Bulgaria

The most common and most popular legal-organizational form for performing micro, small or even medium business in Bulgaria is Limited Liability Company. Through the registration of a company,  usually a small number of partners of shares resources and efforts to carry out their business project.

But often different reasons, both objective and subjective, lead to situations in which one or more partners leave the company.

When leaving the company without the consent of the other partners, it is necessary to carry out and terminate the procedure of unilateral departure of the company. It is initiated by sending a notice under Art. 125, para. 2 and 3 Commercial Code. However, when leaving the company it is agreed and shared with the other partners, it is done by transferring the shares held to the other partners or to a third party with a contract.

Transfer company shares LLC Bulgaria, company lawyer Bulgaria, Transfer shares Bulgarian company, Purchase shares Limited company Bulgaria

Transfer company shares LLC Bulgaria, company lawyer Bulgaria, Transfer shares Bulgarian company, Purchase shares Limited company Bulgaria

The transfer of shares, even when the company is sole proprietor, should be distinguished from the transfer of a company and the transfer of an undertaking.

Shares, a company, and an enterprise are three differenmet concepts and three different object deals respectively. According to the Commercial Law, a company is the name under which the trader exercises his trade and is signed. The business firm may only be transferred with the enterprise but may be changed by the trader at its own discretion at any time.

The enterprise, for its part, represents a set of rights, obligations and factual relationships. The transfer of the enterprise (in whole or in part) is a transaction other than the transfer of the shares in the company.

The parties to the transfer agreement are the traders themselves (ET or companies) and the parties to the share transfer agreement are the owners of these shares (natural or legal person) and their purchaser (natural or legal person).

After transferring the property, the property rights (property, cars, belongings, inventory, receivables, debts, etc.) are transferred from one trader to another, whereas, after the transfer of shares, these assets remain the property of the same company. this company.

Transfer of shares from Bulgarian LLC 

The transfer of shares is regulated in Art. 129 Commercial Code. When this transfer occurs between partners, it becomes free (unless otherwise provided in the Company Agreement). However, if the shares are transferred not to a third person or persons, it is necessary that the buyers apply for their admission to the company, which is considered by the General Meeting. Ie. the transfer of shares to outsiders is made by the will of the other partners. On the basis of the submitted application a General Meeting is convened, which votes and decides on the admission of a new partner in the company. The decision is taken by a multiple of ¾ of the capital, unless a larger majority is provided for in the company agreement. This decision is formed in a protocol, which (in view of amendments to Article 137 of the Commercial Code) should be with a notary certification of the signatures and the content.

If the General Meeting approves the planned shareholding, a share transfer contract is prepared. Shares can be transferred at both a nominal and an agreed (market) price – lower or higher. The contract is notarized on both the signatures and the content.

Changes in the Commerce Act since the end of 2017 have also introduced a new requirement for the transfer of shares – whether between partners or outsiders. The new requirements were included in Art. 129 of the Commercial Code.

According to them, for the transfer of the shares, the company should have no outstanding salaries, indemnities and compulsory social security contributions of the employees, including employees, whose employment relationship was terminated within three years prior to the transfer of the shareholding.

However, it has not been clear from the changes what document the fulfilment of this requirement is, and the changes that have been made so far should be further modified to clarify the procedure.

Thus, in mid-February 2018, the law was supplemented, that in the Commercial Register, declarations in a form drawn up by the Company Manager and the transferor of the shares are submitted that the company has no outstanding and outstanding obligations of this kind. A model for such a declaration shall be drawn up by the Minister of Justice and the Minister of Labor and Social Policy. Transfer company shares LLC Bulgaria, company lawyer Bulgaria, Transfer shares Bulgarian company, Purchase shares Limited company Bulgaria

After application of the declarations, the transfer of the shares is entered in the Commercial Register, but the Registry Agency is obliged to immediately inform the Executive Department “Main Labour Agency”, which can verify the authenticity of the declared facts. In the event that discrepancies between the declared circumstances and the reality are found, GI EA notifies the Prosecutor’s Office of the possible involvement of the pshareively responsible detractors. that the company has no outstanding and outstanding obligations of this kind.

A model for such a declaration shall be drawn up by the Minister of Justice and the Minister of Labor and Social Policy.

After application of the declarations, the transfer of the shares is entered in the Commercial Register, but the Registry Agency is obliged to immediately inform the Executive Department “Main Labour Agency”, which can verify the authenticity of the declared facts. In the event that discrepancies between the declared circumstances and the reality are found, GI EA notifies the Prosecutor’s Office of the possible involvement of the pshareively responsible detractors. that the company has no outstanding and outstanding obligations of this kind. A model for such a declaration shall be drawn up by the Minister of Justice and the Minister of Labor and Social Policy. After application of the declarations, the transfer of the shares is entered in the Commercial Register, but the Registry Agency is obliged to immediately inform the Executive Department “Main Labour Agency”, which can verify the authenticity of the declared facts. In the event that discrepancies between the declared circumstances and the reality are found, Executive Department “Main Labour Agency”, notifies the Prosecutor’s Office of the possible involvement of the pshareively responsible detractors. but the Registry Agency is obliged to immediately notify the IA “GLP”, which can verify the authenticity of the declared facts. In the event that discrepancies between the declared circumstances and the reality are found, GI EA notifies the Prosecutor’s Office of the possible involvement of the pshareively responsible detractors. but the Registry Agency is obliged to immediately notify the IA “GLP”, which can verify the authenticity of the declared facts. In the event that discrepancies between the declared circumstances and the reality are found, GI EA notifies the Prosecutor’s Office of the possible involvement of the pshareively responsible detractors.

After the shares are transferred, a new general meeting is convened, in which the new owners – who have acquired the quality of partners – participate. At that meeting a decision is taken to accept and sign a new company contract and to enter the changes in the Commercial Register. Other decisions can also be taken at this meeting (seat, address of management, company, etc.). If the old partner was also a manager (except a partner), and if the new manager is also planned, a decision is made at that meeting to release the old and appoint the new partner as manager.

Entry in the Commercial Register is made by submitting an application Form A4, which is signed and deposited by the manager of the company. The law lacks the empowerment of the old shareholder who has ceased participating in the company, if he is not a manager; declare the entry of the change. The record of the new manager shall also be accompanied by documents related to this quality (specimen, declarations, etc.). Adoption of a new partner has effect vis-à-vis third parties from its entry in the Commercial Register.

Transfer of shares from Bulgarian LLC

A particular feature of the transfer of shares in such a company is that the owner is a single person. That’s why the only partner is called the sole owner of the capital. This sole proprietor can transfer all or part of its shares. In the second case, the company will be transformed into OOD.

For the transfer, a decision of the sole proprietor is required, which is reflected in a notarized record. Following is the conclusion of a contract for the sale of the shares, which is also certified notary. In the case of transfer of shares in EOOD no applications for the admission of a new partner are prepared and submitted as a party to the share transfer contract is the sole shareholder in the company. However,the requirements of Art. 129, para. 2 Commercial Code for lack of obligations are valid here as well.

After the transfer of the shares, the new sole owner takes a decision on the dismissal and appointment of a manager, the adoption of a new instrument of incorporation, as well as other changes upon request. If the sole proprietor transfers only part of his shares, these decisions are taken by all the partners.

Nature and characteristics of the transfer

With the transfer of shares, in practice, the membership of the company is transferred and its personnel is changed. Both membership rights and obligations, including non-material ones, are transferred. The transfer may only take place if the shares sold are not apprehended for the obligations of the owner and the divestment is entered in the TP. The transfer itself can take the form of a sale or sale, but it can also be shaped like a donation, a replacement, a contribution, etc. If the case vendor has not paid in full its share contribution, 130 and both parties to the transaction are jointly and severally liable for this outstanding obligation. Shares may be held in joint ownership (one share is sold to several persons), unless the Company Agreement prohibits this. Theoretically, where shares are held in joint ownership by several individuals, it is possible to transfer an ideal part of the share – Art. 132 ТЗ.

Register fees 

In order to carry out the procedure and record the transfer to the Commercial Register, different fees are payable. All notarial certification of the signatures and the content of the documents applied shall be paid in accordance with the Tariff of Notary Fees to the LIND.