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The joint-stock company (JSC) is a type of a company whose capital is divided into shares. A JSC may be formed by one or more Bulgarian and/or foreign physical or legal persons. The total amount of shares in a JSC forms its capital. The shareholders are responsible for the obligations of the JSC to the sum of the contributions made without being liable with their own personal properties.The trade name of a joint-stock company includes the words “Joint-Stock Company” or the abbreviation “JSC” (in Bulgarian – ”AD”/Cyrillic – ”АД”). The Statute of a JSC shall contain the requisites specified in the provisions of Article 165 of the Commercial Law.

Documents for Selling Real Estate

Documents for Selling Real Estate

The minimum amount of capital required for establishment of a JSC is 50 000 BGN (about 25 8000 EUR). However, the minimum required for banking or insurance activity, voluntary health insurance or other special activity is determined by other law.

The Bulgarian law allows two alternatives for management and representation of a joint-stock company – shareholders can choose between a one-tier and a two-tier management system. Foreigners can be appointed as managers of the company without any restrictions. The corporate governance structure of a joint-stock company consists of: a General Assembly of shareholders and a Board of Directors (in the case of a one-tier management system), or a Supervisory Board and a Management Board (in the case of a two-tier management system).

Entry of the JSC is stated by the members of the Board of Directors (in the case of a one- tier management system) or by the Management Board (in the case of a two-tier management system), or is empowered by the Statute or an authorized member of the management bodies of the JSC, as well as by a lawyer with an explicit written power of attorney. For commercial companies, the time required for entry or deletion in the Commercial Register is the end of the first working day following filing the required documents. On requests for registration of new circumstances, the registrars are obliged to act immediately.  

Rights and obligations of the stockholders

The rights and obligations of the stockholders derive from the respective stock. According to Article 181 (3), sentence 2, all stockholders of the same stock class must be treated equally. On the contrary, the stockholders of different classes may be entitled to different rights. The single stock and the rights that derive from it – hereof, rights and obligations are transferred simultaneously. Exceptionally, it is possible to transfer specific rights under legally defined conditions. According to Article 185 (3) of the Commercial Act, voting rights may be transferred for a certain time period, if the stock has been transferred, as well. The rights of the stockholders may not be infringed, unless the respective stockholders had givrn their consent when subscribing the shares. The right of dividend is an irresolvable right of the stockholders. Also, a division into material and immaterial rights and obligations is possible. Moreover, the stockholders enjoy different individual and collective rights.

How to set up a Joint-Stock Company in Bulgaria

Joint-stock company 

Legal framework – The Commerce Act; the Commercial Register Act and the competent authority is the Bulgarian Commercial Register with the Registry Agency.

The nessesery legal steps of the entire procedure of registration of Joint Stock company (plc – public company) is following : 

1)       Checking up with the electronic register of the Commercial Register and/or reservation of a business name.

2)       Holding of an Incorporation Meeting, subscription of shares by the founders, adoption of Articles of Association or an Act of Incorporation, election of a Supervisory and Managing Boards, respectively of a Board of Directors.

3)       Depositing the company capital into a special capital raising account (the minimum capital amount is 50 000 BGN- 27 000 EUR).

4)       In case of any specific business, an authorisation or license by the competent authority shall be provided when filing the documents with the Commercial Register.

The documents, which are required and we prepare in full as a set registration are following :  

– Preparation & drafting of application for registration.

– Preparation & drafting of articles of Association or Act of Incorporation.Hereditary Cases Lawyer

– Preparation & drafting of  Minutes of the shareholders’ Meeting of Incorporation.

– Preparation & drafting of  attendance list of the incorporation meeting.

– Preparation & drafting of list of the subscribers of shares at the incorporation meeting.

– Preparation & drafting of declaration pursuant to Article 160, paragraph 2 of the Commerce Act.

– Preparation & drafting of specimen (signature) of an every executive director.

– Preparation & drafting of declaration under Article 234, paragraph  2 and paragraph 3 of the Commerce Act. – Declaration under Article 237 of the Commerce Act.

– Preparation & drafting of  Minutes from the meeting of the Board of Directors.

– Preparation of application for applying of certificate of the deposited capital issued by a bank.

– Preparation & drafting of resolution of the managing body representing a shareholder who is a legal entity.

– Preparation & drafting of  Certificate of good Statement of the relevant business register regarding a shareholder who is a foreign legal entity.

– Preparation & drafting of legal document evidencing payment of the state fee for incorporation of a company.

– Preparation & drafting of declaration under Article 13, paragraph 4 of the Commercial Register Act signed by the applying managing director.

– Preparation & drafting of  nessesery license or permit according to any special law on the performance of a specific business.

 

Terms & conditions for set up of public company in Bulgaria

For an application for registration or deregistration – no later than the end of the first business day after its acceptance.

For an application for notification, it is immediately.

Limited Liability Company in Bulgaria (Ltd.)

Limited liability company (LLC)  is a type of a capital company which can be established by two or more Bulgarian and foreign physical or legal persons. The management structure of a Ltd. consists of a General Assembly of shareholders and one or more managers who manage the company and represent it in respect to third parties.

A limited liability company may be formed also by one person and in this case it is a single/sole-member limited liability company (SMLtd) A Ltd. company is established on the basis of a company contract that ought to be concluded in writing. The name of the company shall contain the words “Limited Liability Company” or the abbreviation “Ltd.”, and should be of a national exclusivity.

Registration of a company

Registration of a company

The entry of a Ltd. in the Commercial Register is based on an application form. It must be stated personally by the Manager/Managers of the company or a lawyer with an explicit written power of attorney. Regarding the Bulgarian legislation, only a physical person can be a manager of Ltd. The manager may be a partner or a third party. There are no restrictions on a foreign person to be appointed as a director of a Ltd.

The capital of a limited liability company cannot be less than 1 Euro (minimum 2 BGN). It consists of the shares of the partners which must not be less than 1 BGN/each. Partners can bring both cash and non-cash contributions. Non-cash contributions are subject to mandatory assessment by three independent experts appointed by the Registry Agency.

The shares of a Limited liability company are not a  subject to trading. They can be transferred with a notarized contract for transfer of shares. The one between shareholders does not require a decision of the General Meeting. Otheriwse, the transfer of shares to a third party, as well as the adoption of a new partner does require such a decision.

Rights and obligations of the shareholders

According to the Bulgarian Law, the members of a Ltd. have got rights such as the following: right to dividend and liquidation quota, amoral rights like right to participate in the management of the company, as well as to be elected as a manager. Immaterial rights include: accessing company’s information, supervising the meetings of the General Assembly, etc. Shareholders have got a financial obligation – it is payment of contributions. Non-compliance with these obligations could result in exclusion of a partner. Immaterial liabilities include participation in the management of the company, implementation of decisions taken by the General Assembly. Competition is absolutely prohibited both for the partners and the manager.

 

Registration of a Limited Liability Company/ sole-Owner LLC  

Usually the legal framework for company set up in Bulgaria is following – Commerce Act; Commercial Register Act etc.. The competent authority is the Bulgarian Commercial Register with the Registry Agency.

Now we would like to inform you for all nessesery legal steps of the entire procedure of company registration. Our legal work start from the same beggining of preparation of the paperwork & documents as: 

1) Checking up with the electronic register of the Commercial Register and/or reservation of a business name.

2)Holding of an Incorporation Meeting, adoption of a Memorandum of Association or an Act of Incorporation, appointment of managing director/s.

3)Depositing the company capital into a special capital raising account (the minimum capital amount is 1 Euro (minimum 2 BGN).

4) In case of any specific business, an authorisation by the competent authority shall be provided when filing the documents with the Commercial Register.

 

The list of the documents, which are required for every company registration is following

Legal services in Bulgaria

– Preparation & drafting of Application form for registration.

– Preparation & drafting ofMemorandum of Association or Act of Incorporation.

– Preparation & drafting of Minutes of the Meeting of Incorporation of the company.

– Preparation & drafting of docuiment for Specimen *(signatures) of all appointed managing directors/ managers of the company.

– Preparation & drafting of declaration pursuant to Article 142 of the Commerce Act signed by each of the appointed managing directors.

– Preparation & drafting of declaration pursuant to Article 141, paragraph 8 of the Commerce Act signed by each of the appointed managing directors.

– Preparation & drafting of Certificate of the deposited capital issued by a bank.

– Preparation & drafting of resolution of the body managing and representing a member who is a legal entity.

–  Preparation & drafting of Certificate of good statement from the relevant business register regarding a member who is a foreign legal entity.

– Preparation & drafting of document evidencing payment of the state fee for incorporation of a limited-liability company.

– Preparation & drafting of declaration under Article 13, paragraph 4 of the Commercial Register Act signed by the applying managing director.

– Preparation & drafting of relevant license or permit according to any special law on the performance of a specific business.

 

After the first initial steps of preparation of documents, we would like to advise you for the legal terms of the entire registration process : 

For submitting an application for registration or deregistration before the Bulgarian commercial register, we need about 5-7 business days after its acceptance of the documents

 

 

 

Sale of Shares of Common Property

If you are a co-owner of hereditary property and wish to sell your ideal part of it, but you do not want to offer the other co-owner / co-owners, as prescribed in law, then consult an experienced real estate lawyer. We work with excellent real estate lawyers, the best in this area. They know how to solve your problem without circumvent the law.

Sale of Shares of Common Property

Sale of Shares of Common Property

Our experienced real estate lawyer will tell you that according to art. 33 of the Property Act, if you are a co-owner of a property and want to sell your share of it, you must first offer the share of the property to another co-owner or co-owners, if they are several. Only when each of them refuses to redeem your shares, you may sign a purchase contract – the sale of shares of common property of a third party.

Unfortunately, in many cases co-owners of an inherited property, for example, are not in good relationships with each other. Moreover – they often do not even speak to one another. The presence of a deep rift in their relationship is the reason the co-owner who has decided to sell his shares, seeks to avoid direct contact with the other co-owner or co-owners. Sometimes the owners of real property are too many and do not even know each other. This is a common problem in inheritance of property – land. This situation occurs too frequently, but most of our customers do not know that it can be overcome. So if there are any any pressure points associated with the sale of shares of common property or preparation of documents for the sale of the property, contact our experienced specialist. Now you have the exclusive opportunity to receive free online consultation through our website. You can connect with an experienced real estate lawyer if you use the contact form on our website, the e-mail or phone number.

Why to choose us?

International law firm  “D. Vladimirov and partners” has extensive experience in the sale of  shares of common property. Our team of experienced real estate lawyers, completely dedicated to their work, knows the ins and outs that will get you out of this delicate situation. Here you will meet with an effective and lawful method that will accomplish your goal without circumvent the law.

Although the provisions of Article 33 of the Property Act is adamant there is a legal way to prevent offering your share of the property of other co-owners. Here it is: You, as an owner, if you want to make a sale of shares of common property of a third party must first transfer by donating a part of your share to the third party. If you own a ½ share of the property, it can be transferred by donation ¼ of your ½ share of the third party. Subsequently, you will sell the rest of your share to the same third party. This third party entitled gifted ideal part of the property is also provided in the position of a co-owner. Through this quirk you will comply with Article 33 of the Property Act and still sell your property to the person you wanted.

Such action is undoubtedly lawful and does not constitute circumvention. It is a widely used tool for solving problems related to co-ownership of real estate, where the co-owners are not able or willing to voluntarily resolve disputes of that nature.

If you want to get a quick free consultation from a professional, contact us by phone 02/858 10 25 or email info@lawyer-bulgaria.bg. We are available to answer your questions and give you the right advice on how to proceed in this situation. Before contacting us, please read the general terms and conditions that you can find in our website. We are available 24 hours a day.

Hereditary Cases Lawyer – Declaring a Will

The will as a specific type of document represents one-sided deal which can be created in two ways. It can be a notarized will, drawn up by a notary or a holographic will, written by the testator. Before you draw a holographic will consult with a hereditary cases lawyer, who will explain to you the specifics that you need to know when you decided to bequeath your property.

Hereditary Cases Lawyer

Hereditary Cases Lawyer

The first essential characteristic of a holographic will is that it is considered to be a personal gratuitous act which has legal consequences after the death of the testator. Till that moment the testator is entitled to change his holographic will several times. In order to be a will valid, it must contain within itself the exact date of preparation, the subject of will and must specify the subject who will inherit the property. When you have prepared several wills the only valid will is considered to be the one with the latest date.

When the testator has died the will should be declared and registered. To generate these legal consequences the successor, in whose favor the testamentary disposition is made, has to know about its existence. Before the death of the testator the main characteristic of the will is its confidence. In contrast, to produce legal effects after the death of the testator, there must be made several procedural actions that in no way can be characterized as confidential.

As any good hereditary cases lawyer will explain to you, after you have prepared your will, you should tell the person that you have specified as your successor in will for its existence. After the death of the testator the successor should be able to identify where the will is and to whom is entrusted for safekeeping.

What coming next?

The holographic will is known as a secret will because it is an expression solely upon the free will of the testator. His will should not be vitiated by side effects, suggestions to third parties or pressure – mental or physical.

After a consultation with a hereditary cases lawyer, you will find that in the Inheritance act contains a specific provision of art. 27 para. 1, according to which the person who keeps a holographic will is obliged to request its disclosure by a notary immediately after learning of the death of the testator. Note that this statutory provision is not connected to any special sanction that derives directly from the possible omission of the person who keeps personally holographic will. It is difficult to be proved the exact moment of learning about the death of the testator, which means that to be established beyond doubt that fact will need a full mainly proof.

Your hereditary cases lawyer will explain that any person who appears to be interested in the announcement of the will, can ask the district judge for the place where the heritage was found, to determine a specified timeline for submission of the will in order for it to be announced by the notary.

If the will is left for storage to the notary, he executes its announcement – pursuant to Art. 27 para. 4 of the Inheritance Act.

Most people can not understand what is the definition of “place of opening the inheritance.” As your hereditary cases lawyer would explain to you it is “the last residence of the testator.” The last residence of the testator may be specified as his permanent residence and permanent address in Bulgaria before his death.

The quality “interested person” is not easy to be proved. If the ” interested person ” is the successor in law of the testator, it is enough for him to submit an abstract of the death of the testator. But in most cases the person is not from the circle of heirs at law of the testator. Then the only direct evidence of his quality ” interested person ” is itself the holographic will. Your hereditary cases lawyer will tell you that the presentation of an abstract of the death certificate of the testator sets only the likeliness of the deceased to has drawn holographic will in favor of the plaintiff. The “interested person” shall indicate the person who keeps the holographic will.

 

List of Documents Required for Selling Real Estate – Part 1

Selling Real Estate

Selling Real Estate

There’s something important to clarify about selling real estate. If you do not have time or information necessary for flawless preparation of all required documents, do ask for help. Our real estate lawyers are professionals and will be pleased to assist you. The team of Internationla Law Office D. Vladimirov and Partners consists of responsible specialists. They are excellent real estate lawyers having years of experience. We offer you our exceptional knowledge in preparation of documents for selling real estate.

 

For your convenience, our team of experts will prepare a complete and exhaustive list of documents. All of them are done in the proper way. If you have further questions or need more information, do not hesitate to contact a real estate lawyer on the phone or in written on our website.

List of Required Documents

The list of documents required for selling real estate consists of 16 points. This article will look through the first three of them. You can have them by asking a real estate lawyer.

  1. A document certifying your ownership of the property – by this document you identify yourself as the owner and seller of a particular property.

The most common types of ownership documents are as following:

  • Title Deed – it has to be registered in the Registry Agency at the location of the property. The types of title deeds are as follows:
  • deed of sale;
  • deed of donation;
  • deed of replacement;
  • notarial deed of findings;
  • deed of transfer of immovable property against liability for maintenance and care;
  • title deed of immovable property acquired by inheritance;
  • title deed of immovable property acquired by bequest;
  • deed of succession by a court decision declaring the preliminary contract as a  final, according to Article 19 of CPA.
  • Records for registration of the deed; attached note for its entry.
  • Contract of sale concluded under the State Property Regulations.
  • Contract of sale signed according to the Municipal Property Act and the Law on State Property of state or municipal property. If the contract is concluded after 01.06.1996, it should be entered in the Registry Office at the Registry Agency.

If you have lost or cannot find where you have placed the deed, do not panic! A duplicate of this document may be issued, as well as an identity document in the Registry Office at the Registry Agency at the location of the property. Please be advised that you will be charged for it.

The other two documents required are as following:

  1. Property Tax Assessment Certificate – this type of certificate is issued by the Tax Office in the municipality where the property is situated in. In the tax assessment, the address of the property has to match the one pointed in the title deed. If they don’t, there must be presented a certificate of identity of both addresses.

All the names of the property’s owners are written down in the tax assessment. All obligations on the property must be paid by all owners. Information on obligations of the property are stated in the tax assessment. If there are obligations of the property written down in the tax assessment certificate, these obligations must be paid before the entry of the transaction in the Registry Agency. For this purpose, the acquittance signed by the bank which the amount is paid in, ought to correspond to the amount recorded as a liability in the certificate of tax assessment. For further questions, consult with your real estate lawyer.

  1. Marital Status Certificate of the seller (property owner). This document shows what has been the owner’s marital status up to the date of the property acquisition. Marital Status Certificate is issued by the local USCRASP office, in the area of the person’s address registration. An application for a certificate may be submitted by the person or his/her legal representative, as well as by an authorised person bearer of power of attorney. That can be done also by a person whose legitimate interest is subject to a certificate. Same applies to a person who derives rights from issuing a certificate of marital status, according to the prerequisites of Art. 186 CPC, Art. 133 of Criminal Procedure Code and Art. 42 of APC; and expressly authorised person according to Art. 5, paragraph 2 of the Decree № RD-02-20-6 from 24.04.2012.

Contact us

More information and tips about where the documents necessary are to be issued, you can see in the next article. We are available for questions and consultation on the phone or via email that you will find in the contact form on our website.

 

List of Required Documents for Selling Real Estate – Part 2

In the previous article we have pointed at the three main documents which selling real estate would be impossible without. They are as follows: a document certifying your rights of ownership, certificate of a property tax assessment and a certificate of marital status of the owner(s). Here you will find more useful information to facilitate the preparation of the necessary documents with. However, remember that you can always rely on legal help and support of our real estate lawyers. International Law Office D. Vladimirov and Partners is one of the most reputable law firms in Bulgaria. We are proud of our team of professionals, each member of which is a competent real estate lawyer devoted entirely to the work by helping society.

Lease Agreement Lawyer

Lease Agreement Lawyer

Here are the other documents which are of great importance for selling real estate:

  1. Marriage Certificate, in the case that the seller – the owner of the property – is married. The certificate is to be provided only in person to the one who had declared its issuance.
  1. In the event that the property is not acquired during the marriage, it is not MPC (Matrimonial Property Community). This means that the spouse is the only owner of the property. Note that if the property is the registered with the other spouse’s address, there is a need of filling in declaration, under Article 26 of the Family Code. The same rule applies to property acquired by inheritance, donation or through other legal means that do not represent MPC.
  1. If the property has got established right for use, to sell it, the user must abandon the real right settled in his favor. The refusal shall be carried out with a declaration on the waiver of use. The declaration is to be signed in front of a notary and entered into the Registry Office.
  2. In the event that over the property had been carried out a partition, the document necessary can be either an agreement or judgment duly entered into the Registry Agency.

What else…

  1. Property sketch, when transferring a land (land, yard or part of the yard built on the property/apartment). It is issued by the technical service of the region at the municipality where the real estate is located in. It is valid for 6 months from the date of issue.
  2. Certificate of Inheritance or Death Certificate of the ancestor.
  3. If the owner(s) of the property is divorced, the court judgment for the dissolution of the marriage in divorce has to be presented.
  4. In special cases, additional documents are required for tracing the history of the property, in order to firmly and clearly proving ownership.

Selling Real Estate – other documents

  1. Encumbrances Certificate of the property – issued by the Registry Agency, applies to all documents of ownership in heritage, as well as certificates of inheritance. If the property includes land or parts of the land, a sketch of the property also must be applied. If the sale of real estate is regulated by the cadastral map, the sketch /scheme is issued by GCCA*

*Geodesy, Cartography and Cadastre Agency. If the property is located in a city which is not regulated by the cadastral map, then sketch is issued by the technical service at the municipality.

  1. When the seller physically is not able personally to present the transaction for the sale, he/she is entitled to authorise a third party. That can be done by a notarised by him/her Power of Attorney. That document explicitly describes the representative rights which the principal gives the authorised person. The Power of Attorney must enclose a notarised declaration under Art. 25, paragraph 7 of the Notaries and Notarial Practice Act (NNPA), and a declaration under Art. 264, paragraph 1 of the Tax-Insurance Procedure Code (TIPC). This person may be your real estate lawyer.
  1. Identity document, other documents individualizing the buyer and the seller.
  1. In case of a sale of real estate in a newly constructed building, relevant documents from the builder/investor as: building permit, architectural design and distribution areas, Permission for use – Act Form 16 and others must be submitted.
  1. Other documents depending on the specific features of the transaction of sale. Considering the variety of documents, it is recommended that they be duly verified by the real estate lawyer. He or she has to be a specialist in the field of buying and selling real estate.

How to Protect Ourselves Against Illegal Actions of the Lessor?

Illegal actions of a Lessor

Illegal actions of a Lessor

What about illegal actions of the lessor? In lots of cases when there is a lease purchase agreement for a vehicle, in a certain time the lessee stops paying. For this reason, the most common guarantee for collection of these contributions is a promissory note. It is being signed between the lessor and lessee. With its help, the lessor is secured with a relatively easy and fast collection of outstanding receivables. But how the lessee can protect himself/herself against issuance of a promissory note of a non-existent debt? Our competent lease agreement lawyer will help you in this unpleasant situation.

First, you should know that there is a possibility the promissory note to be based on non-existent debt. If it is proved, then your obligation to pay the amount due under the promissory note gets invalid. If you find yourself in this situation, seek help from a lease agreement lawyer.

A competent lease agreement lawyer will emphasize you on the exact moment when you have to exercise your rights of defense. This moment is receiving the invitation for voluntary enforcement (voluntary compliance). That document should contain the date when you receive it. Another detail is the person who had received it and the signature of that person. If the invitation is not received by you yourself but by your husband/wife/mother/father, etc., this information is to be entered in the invitation for voluntary enforcement, too.

Why is this information so important?

This information is very important because you can exercise your protection right by filling an objection to the District Court issued an enforcement warrant within 14 days of receiving the notice of voluntary enforcement (voluntary compliance). If you miss this deadline, your right to dispute the enforcement order lapses. The best advice we can give you is the following: once you have received a formal notice, do seek for a help from an experienced lease agreement lawyer. In our office you will have the unique opportunity to work with some of the best lawyers in this field.

Lease agreement lawyer from International Law Office D.Vladimirov & Partners will explain that the lessor may contest the validity in two ways – either, by contesting the grounds on which the promissory note is based on, or by contesting the amount of the debt, in the 14-days deadline from receipt of invitation for voluntary enforcement (voluntary compliance). If you meet the deadline for filling objections and submit it to the district court, the creditor has got the right to bring an application to demonstrate the existence of his claim. In judicial proceedings must be established whether the amounts that creditor claims are legally charged and whether he is entitled to them.

As a Final

If a competent lease agreement lawyer proves that accrued penalty lease prejudices moral, it will be declared as null and void. The penalty prejudices moral when its amount is greater than the amount due, as this leads to unfounded enrichment of the lessor. This means it does not have any legal effect. Therefore, you will not be obliged to pay this penalty equal to the outstanding lease payments over the remaining term of the contract, as lessor has rescinded lease and has received back the vehicle. Equally irrelevant is the fact that you have been issued a promissory note in favor of the lessor for a specific amount. In order to eliminate this obligation to pay, do not miss the deadline for filing objections.

Before you sign a lease, you need to be preliminary well-informed. Do consult our specialist  who will help you make this decision consciously and confidently.

 

Inheritance Lawyers in Bulgaria  – Inheritance By Will

Inheritance

Inheritance

If you intend to prepare a will, here you will find some useful information about this specific type of document. It is recommended before you start drafting of a will to consult hereditary cases lawyer/lawyers. You need an inheritance lawyer in case of inheritance by will, too.

The main characteristic of the will is the opportunity of the testator to alter the order of successions by law. The will expresses the unilateral declaration of testator’s intention how to distribute his/her property. The distribution of property represents a disposition of rights to real property after the testator’s death. The will has to be made in written, and it is a form of validity rather than variability. The will is always a gratuitously disposition of property. It takes effect only after the death of the testator. He is the only person who can make the will. By the time of his death, his/her will may be amended, even several times. Before any change of the will, necessarily seek help and assistance from a hereditary cases lawyer.

The will can be drawn by hand or by a notary. If you prefer your will to be drafted by a notary but in your village/town there isn’t any, there is an alternative option. The will can be done by the judge for the entries at the District Court. The main requirement for this type of drafting a will is the presence of two witnesses.

Questions and Answers

One of the essential questions that all the lawyers dealing with hereditary cases should clarify, is the one about the preserved and disposable part of the heritage. By law, a certain portion of the property of the testator shall be reserved for his/her successors. Therefore, he/she has got no right to dispose of it by will. Heirs to which is assigned the reserved portion of the property are children, parents and husband. With the rest of inheritance called disposable portion, the testator may have ordered it in a way he/she deems best. If you are not sure which part of your property is defined as preserved, and which – as available one, do search for help. Every single hereditary cases lawyers will fully assist you.

Generally, the amount of the preserved and available portion of the heritage is determined by the number of heirs. In determining the exact number, shall prevail the moment of opening the succession. Legal fiction is that the conceived are considered to be born and get participation in the distribution of the will.

If you prefer to write down our testament, your hereditary cases lawyers will inform you as follows. Personally handwritten will must be written entirely by hand and by you yourself. There is no fixed template that must be followed when preparing a handwritten will. It is essential to have a date – day, month and year. At the bottom there should be affixed your signature. Information about the date, month and year must be entered before the signature of the testator. Everything that is written after the signature of the testator, is not considered to be a part of the will. It is vital, personally handwritten will must be fully written by hand. It is unacceptable to be typewritten or written on a computer and signed by you.

 Requirements

There are no specific requirements for the content of a handwritten will. There is no need to enter data from your identification card. You shouldn’t mention articles and paragraphs of the law, unless you want to. The only requirement for the will is to make clear who the testator is and who the heir/heirs is/are. It is also needed to be clear what is bequeathed. A will written under pressure or threat from a third party, is a void one.

When there is a handwritten will prepared, it can be stored and guarded by the testator, a third party – including a hereditary cases lawyer, or a notary. If the will is going to be kept by a notary, then it shall be submitted in a sealed envelope. It also has to be entered in a special register. If the testator has left several wills, a valid will is only the one with the latest date.

Closing a company in Bulgaria. Liquidation lawyers in Bulgaria

insolvency & liquidation lawyers in Bulgaria, liquidation procedures in Bulgaria

We would like to speak about liquidation lawyers. Closing a Bulgarian trade company is not easy to be done. Especially if this company has got any trade activity or assets in Bulgaria. Our company and liquidation lawyers in Bulgaria call this ”liquidation of the company”. The entire procedure should be approved by Bulgarian court, according to Bulgarian Trade Law. This act regulates the requirements for performing the closing and liquidation of trade & legal companies in Bulgaria.

Our company and liquidation lawyers provide the information and consultancy necessary by giving advices for dissolving and liquidation of legal companies in Bulgaria. The preparation of the documents for liquidation procedures starts with the submitting an application for certificate of company liquidation in Bulgarian Tax Authority. We work with many foreign companies in Bulgaria. Our company and liquidation lawyers will submit an application for issuance of written certificate in the Bulgarian Trade Register. And this – together with the decision of the management body of the company concerning the liquidation matter. We prepare all the documents needed for election of the official liquidator. In addition, we pay attention to the deadlines of the entire liquidation time of your company.

The elected liquidator has to complete all started deals and legal transactions with the company trade partners. He/she ought to cover all the outstanding debts of the company to its creditors. Usually, the liquidator represents the company in liquidation in advance.

 

Liquidation lawyers in Bulgaria

do completion of the employees’ labor contracts in the company, complete all rest contracts, and so on. All the payments must be covered, too. The lawyers has to submit an annual finance report to Bulgarian commercial register.

We would like to inform you about some important tasks. First of all, we have to send invitations to all the creditors of the company, and to submit the invitation through our company and liquidation lawyers in Bulgarian Commercial Register. The creditors have about six months’ time to prepare and submit legal claims in the Bulgarian courts against the company before the company gets completely liquidated.

We are acting as a company and liquidation lawyers in Bulgaria. We are making a legal check every week for our clients in order to avoid any surprises. That is the main reason why we keep a close contacts to all our clients. We keep them informed about submitting the legal claims and start the litigation procedures of claiming the assets of the debtor’s company in liquidation. When the trial period of invitation to the creditors of the company expires, the company will be erased from the Bulgarian Commercial Register.

 Finally

We can offer you accountancy services provided by qualified & certified accountants. In addition, we suggest you preparing  the necessary accounting documents for the company liquidation in Bulgaria.

Every single case has got its legal specifics. If you need some assistance, call us now on + 359 2 858 -10-25