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Purchase property in Bulgaria

Our law office D.Vladimirov & Partners provide a professional legal services to purchase property in Bulgaria.

The entire process of buying a property in Bulgaria is complicated so we need to check the ideal parts of the ownership right and also the land plot for lack of encombrances.

Once you’ve found a home you plan to buy and agreed the selling price, you will need to take the following steps:

Signing a preliminary contract and pay a deposit.
Signing the notary deed and make the final payment.

The buying process is generally straightforward and is often completed within a month. EU citizens can purchase and own property in Bulgaria in the same conditions as locals.

The process of property acquisition and disposal can be lengthy and complicated and we advise our clients on the significant commercial implications that might arise.

We advise on and draft development agreements, provide legal assistance in construction, planning and site disposal matters, fund-raising arrangements, freehold transfers and any associated due diligence reports.

We assist in the acquisition of real estate in Bulgaria and in the subsequent implementation of investment projects in the field of hotel management and tourism, golf courses, office and commercial buildings, industrial construction works in Bulgaria

Please note we are chariging you for real costs and legal fees, state fees and the tax for transferring of ownership). If a travelling out of Sofia is needed, this would be calculated additionally.Purchase property in Bulgaria

Property legal check-up

Working with many international clients & corporate, our law office D.Vladimirov & partners has created a stable legal work policy for checking of the legal status of your property in Bulgaria.

Acting as a qualified property lawyers in Bulgaria, we performing the legal check services for our clients, depending on complexity of every case in the Bulgarian property register.

We check in the Bulgarian property Register the status of the certain property and report to our clients the final results and warnings, if there are any.

This information would allow you to check whether there are any encumbrances upon your property, for which you do not know, for example: a mortgage for a loan, which is already repaid, interdiction, imposed by the tax authorities for unpaid tax obligations, or any other rights of third persons.

Bulgarian land investment no longer requires company !

As a result of the contractual obligations, undertaken by the Bulgarian government in relation to Bulgaria’s membership in the European Union, an important part of the Bulgarian law was recently changed.

From 1 January 2012 citizens of the EU are no longer prohibited to purchase Bulgarian land, which is in regulation.

Until this date they had to set up a Bulgarian company and purchase land through the established legal entity, as according to the old law only Bulgarian individuals and companies had the right to acquire Bulgarian land.

This led to many unfavourable consequences for foreign investors, such as paying additionally to a lawyer to establish a Bulgarian company, appointing an accountant for the relevant services and making other expenses, related to having and maintaining a company.

Preliminary Contract

The first stage in buying a home in Bulgaria is the signing of a preliminary contract. Your lawyer is responsible for ensuring that this is drawn up correctly and you shouldn’t rely on an estate agent to do so.

It’s important not to pay a deposit or sign a preliminary contract prior to performing an in-depth due diligence of the property.

Check that the property has the same dimensions as advertised, if there are any undisclosed encumbrances (i.e pending costs) and that all the necessary permissions and documentation are in place.

While some agents or developers will provide a properly-drawn up contract, some won’t – and unless you’re a Bulgarian-speaking lawyer you won’t be able to tell which is which!

For peace of mind it’s recommended that you have the contract drawn up or at least checked by a Bulgarian property lawyer.

There are a number of types of preliminary contract, depending on whether you’re buying an existing (built) property or a new property off plan (i.e. yet to be built or under construction).

Signing the Notary Act

Signing the notary act (sometimes referred to as the notary deed, purchase contract or final contract, which is equivalent to a title deed) is the final step in taking ownership of your property.

If you’re unable to be present at the signing, you can have your agent or lawyer sign it on your behalf if you’ve given him power of attorney.

You should always sign the notary act in person if you’re buying a brand new or off-plan property, to make sure that all the requirements of the preliminary contract have been met.

The signing of the notary act takes place in front of a notary public, who first checks that all the conditions contained in the preliminary contract have been fulfilled.

It’s normal for all parties concerned to be present when the final contract is read, signed and witnessed by the notary, including the estate agent, developer (for new or off-plan property), your lawyer and your translator.

Either party (buyer or seller) can give a representative power of attorney. In the case of an off-plan purchase, the final contract isn’t signed until the building is complete.

Find independent legal advice for purchase property in Bulgaria

Numerous property owners are now experiencing problems with their property because they did not seek independent legal advice and instead used lawyers and translators which were recommended by the estate agent or developer and they were acting for both parties.

Appoint a qualified lawyer, who is experienced in property conveyance and fully independent of anyone else involved in the transaction, eg the estate agent, vendor or developer.

If you need our legal assitance, do not hesitate to contact us immediately

May 20, 2018/by lawyer

Legal advices, News, Personal

Recovery of Unpaid Invoices

Many corporate clients comes to our office with the legal inquiry to support for Recovery of Unpaid Invoices.

Recovering unpaid invoices can be a frustrating and time-consuming affair for any business, especially when dealing with international clients.

At our firm, we recognize the critical importance of swiftly and effectively pursuing outstanding debts to maintain your cash flow and business stability.

We have tailored our Debt Recovery Service specifically to meet the needs of our commercial clients in Bulgaria, ensuring a vigorous yet cost-effective approach to debt collection.

Why choose our debt Recovery of Unpaid Invoices service ?

Our Debt Recovery Service is not an automated system;

it’s a comprehensive solution operated by a specialist team of solicitors with extensive experience in Bulgarian law.

We understand the unique challenges businesses face in debt recovery.

Expertise: Our team comprises highly skilled solicitors who are well-versed in Bulgarian debt recovery laws and practices.
Efficiency: We aim to recover debts of any size quickly, minimizing the impact on your business operations.
Cost-Effective: We provide transparent and competitive pricing to ensure that the cost of recovery does not outweigh the benefits.

Our proven debt recovery process

The legal debt recovery process is streamlined to maximize results while minimizing the time and effort required from your side.

1. Initial Step – Suprizing the debtor with freezing his assets

The process begins with the claim in the court.

The urgency and seriousness conveyed in the letter often prompt a quick response from the debtor, leading to the resolution of the debt without the need for further action.

2. The issue of legal proceedings

If the debtor fails to respond to the ‘letter before action’, we proceed by issuing a County Court claim form.

This formal legal action includes claims for the original debt, court fees, costs, and interest.

The initiation of legal proceedings often serves as a significant motivator for debtors to settle their accounts promptly.

3. Interest debt collection

We understand the importance of recovering not just the principal amount but also any interest that is due. Interest can be claimed in several ways:

Statutory Interest: Currently 10% from the due date of the invoice until Judgment.
Contractual Interest: As stipulated in your terms and conditions.

Tailored Solutions for Bulgarian Debt Recovery

We pride ourselves on providing more than just a computerised system.

Our debt recovery service is personalized to meet your specific needs, and we are committed to providing the highest level of client service.

Whether you are dealing with a single large debt or multiple smaller ones, we support you in Bulgaria.

We have the tools and expertise to ensure you recover what is owed to you, with minimum hassle and expense.

How Can We Help You?

If you are facing challenges with unpaid invoices, don’t let them drag on.

Our team is ready to act swiftly and decisively to protect your interests and improve your cash flow.

Get in Touch Today

Fill out our online form, and we’ll get back to you as soon as possible. Alternatively, speak directly to one of our debt recovery experts by calling

December 11, 2017/by lawyer

Legal advices

Management of Condominium Buildings

Public relations regarding the management of common parts of buildings under condominium ownership arrangements and rights and obligations of owners, tenants and occupants of individual units or parts thereof, are regulated under the Condominium Ownership Management Act (COMA), (effective as of May 1st, 2009, published in the State Gazette, issue 6, dated January 23rd, 2009, amended in SG, issue 15 dated February 23rd, 2010, amended in SG, issue 8 dated January 25th, 2011, amended in SG, issue 57 of July 26th, 2011).

The special regime of management of the common parts of buildings under condominium ownership arrangements is introduced for buildings in closed residential complexes shall be arranged with a written contract, with notarized signatures, with the investor and the owners of individual units, which are parties thereto. The agreement has to be registered with the Registry Agency on the lot of each individual unit by the investor, and shall be referenced to subsequent purchasers.

Exceptions to the management of the common parts of buildings under condominium ownership arrangements are introduced for buildings, which contain up to three independent units, which are property to more than one owner. In these cases, the provisions of article 30, paragraph 3, article 31, paragraph 1 and article 32 of the Property Act shall apply.

Condominium Management shall cover procedures and shall supervise the use and maintenance of the common areas and compliance with the building internal regulations under condominium ownership arrangement, and the supervision over the fulfilment of the obligations of the owners, users and residents.

Forms of Condominium Management are the General Meeting and/or the Association of Owners.

The management bodies are: the General Meeting and the Managing Board (Manager).

The General Meeting of the Association shall be authorized to make a decision, adopted by a majority of more than 50 percent of the represented shares in the association, to assign the powers of the Management Board (Manager) to non-owner individuals. The contract for authorization shall be executed by a person, authorized by the General Meeting of the Association.

Expenses for the management and maintenance of the common parts under the condominium ownership arrangement will be equally shared by owners, users and residents.

Repair, renovation, reconstruction and rehabilitation of common parts or replacement of common facilities and equipment shall be carried out under the decision of the General Meeting of owners. The General Meeting of the owners or the Association establish and maintain a Repairs and Renovations Fund. Expenses for repairs, renovation, reconstruction and rehabilitation of the common areas, referred to in the respective decision of the General Meeting of owners, shall be distributed among the owners of the individual units, proportionate to the notional shares of the common parts of the building, held by them.

For any issues, not covered by the COMA, the provisions of the Ownership Act will apply.

The list of main obligations to be complied with includes, but shall not be limited to: to not prevent all other owners, operators and occupants from using all common areas of the building; to not cause damage to common areas; to not rent them; to not participate in activities, which cause excessive disturbance and inconvenience to other occupants; to fulfil the decisions of the General Meeting; to make payments for the expenses required; to comply with the sanitary and hygiene standards, et al. A Condominium Log has to be organized, kept and maintained in each building which should contain the relevant information on the property, owners, users, et al. The decisions of the governing bodies, adopted in accordance with the condominium ownership arrangements, shall be absolutely mandatory for all building owners.

Often, property owners who are foreign nationals employ management and maintenance companies to perform all internal organization works for the building, pay bills, collect payments from owners, rent apartments on their behalf, et al. Services of such companies can be easily found through the internet. It is strongly recommended to sign a contract with such a company and follow the advice of your legal counsel.

December 9, 2017/by lawyer

Legal advices

Termination of shareholder

Termination of participation Ltd and leaving partner – rules and consequences.

The limited liability company (LLC) is one of the most common forms of organization of business. This is due, among other reasons, and has long recognized its dualistichnost – although Ltd. is a capital company it shows some deviations that correspond to the essence of unincorporated enterprises. Examples include the regulation of rights and freedom in which they occur, exercise and termination resemble those partnerships.

Therefore reveal peculiarities and possibilities of termination of membership relations of the partner as the latter is more difficult to be freed of adjacent its involvement than a typical capital company, since the law provides for additional requirements for the sale of its units.

Leaving partner

The departure of a partner is regulated in art. 125, para. 2 of the Commerce ActWhich provides potestativno subjective right partner to terminate its participation in the company. Regardless of the reasons for leaving, his right is transformative, regardless of whether it violated his duties as a partner. Leaving has its practical applicability as a way out of the company’s inability to sell a share. It is exercised by a written statement, the legislature uses the term “notice” that statement needs a receipt, written form of reality. There is time – the partner must notify the company of their intention three months before the termination of his membership. The length of time is governed dispositive and articles of association may provide for another term.

Moment that occurs termination of membership relationship is not explicitly defined in law, but the case law assumes that termination should be considered as occurring ipso facto at the time of expiry of the period as for the adoption of a further resolution of the General Meeting of the company does not exist (so in Decision № 46 of 22.04.2010 of the SCC under item. e., the № 500/2009, II t. o., TC ). This solution meets the potestativniya nature of the right to associate. The entry of termination of membership relationship is warning, but not constitutive effect. Next – the settlement of property relations on the occasion of the termination is a result, but in no case provided for its occurrence. consequences

Termination of shareholder

Termination of membership relationship entails the multiple effects as in practical terms the outgoing partner should first be noted pecuniary consequences that each sadrzhunik leaving (exit) aims to achieve. Exit, in this sense, an opportunity for a partner who could not sell its stake in the company for any reason, however, to indemnify the same while terminate its relationship with the company.

Termination is the former partner transformative effect on the occasion of his relationship with the company – the same one occurs monetary claims he is entitled to receive a cash equivalent, a feature of interest in the company. Art. 125, para. 3 defines how to govern the property consequences – namely, based on the balance sheet at the end of the month in which the termination occurred. Basis for making money is an interest to a partner, the amount of which is determined according to its share capital (Art. 127 CC). It is possible the partner to get something else, but this is a consequence of an addendum instead of giving performance between the shareholder and the company. As a rule, chargeability making departed partner comes to the moment of his departure (the deadline).

A major interest for each partner who wishes to have information about their legal options for monetary satisfaction by participating in an LTD is a provision of Art. 125, para. 3, which determines the timing of the balance sheet that will calculate its claim. Jurisprudence ( Decision № 224 of 10.09.2010 of the SCC under item. E., The № 765/2008, II t. O., TC) Assumes that this statutory provision is mandatory in nature and the partners can not overcome it with any agreement to the contrary, neither provision in the articles companies. Personal companies. Company limited liability). Such an agreement would be void pursuant to Art. 26, para. 1 of CPA. In this sense it appears and void proviso that outgoing partner will be satisfied, as the basis for calculations adopt the annual financial statements of the company.

The balance sheet will determine which assets and liabilities should be taken into account when calculating the monetary value of a share. Pursuant to Art. 125, para. 3 Commerical law raises the question of how exactly to calculate the value of the property, in particular that of tangible assets (FTA). According to the obligatory practice of the SCC value of fixed assets in the form of a share according to art. 125, para.3 Commercial law should be determined by experts in compliance with the provisions of the repealed Law on Accounting, Art. 13 in conjunction. With § 1, p. 3 dopaltnitelnite provisions and any applicable accounting standards (Decision № 87 of 6.06.2012, the SCC under item. E., The № 468/2011, II t. O., TC).

Termination of shareholder

The decision should be considered obsolete, because References to the provisions did not alter its meaning essentially. The cost of fixed assets will be formed by the historical cost of acquisition or such other price which corresponds to the accounting standards – namely fair price. The definition of fair value has remained the same and the adoption of the new Law on Accounting, “the amount for which an asset could be exchanged, or a liability can be redeemed at arm’s length transaction between knowledgeable, willing transaction buyer and seller.

She’s selling price, stock exchange price or market price. “The annual financial statements should not serve as a basis for calculation. The ultimate goal, the fair amount that outgoing partner should receive is achieved with an inventory and evaluation of assets (and liabilities) of the Company accounted for and valued the time stipulated by law. It should be pointed out that the balance sheet has no binding court material probative and challenge the underlying accounting entries regularity them subject to an express check, while failure of such interim balance sheet of the debtor, on conclusion of the admitted and heard in the course of proceedings specialized legal and economic expertise . Termination of shareholder

With respect to the same are used for general rules of art. 195 et seq. CCP, according to which the conclusion of the experts is not absolute proof in the case, regardless of the action taken or not challenge his party. With respect to the same are used for general rules of art. 195 et seq. CCP, according to which the conclusion of the experts is not absolute proof in the case, regardless of the action taken or not challenge his party. With respect to the same are used for general rules of art. 195 et seq. CCP, according to which the conclusion of the experts is not absolute proof in the case, regardless of the action taken or not challenge his party.

As a conclusion, it should be pointed out that although the shareholding which serves to determine the making of outgoing partner to resemble a liquidation share, it differs from it in the operative event and, therefore, should not be treated equivalent. Their value may substantially differ. Termination of shareholder

October 17, 2017/by lawyer

Legal advices, News, Personal

Road Transport Services Lawyers

Many foreign companies are searching a legal advices from Road Transport Services Lawyers.

Our commitment to serving your industry extends far beyond a mere interpretation of legal conventions, rules, and regulations.

It is deeply rooted in practical and operational expertise, forged over years of collaborative partnerships with industry leaders.

This unique blend of legal knowledge and hands-on experience allows us to provide innovative and cost-effective solutions tailored to the specific challenges faced by your sector.

Our strength lies not only in our legal prowess but also in the depth and breadth of our capabilities. With a focus on the sector, our expertise is finely tuned to the nuances of your industry.

Operating from offices throughout the Bulgaria and bolstered by a network of international business partners, we possess a formidable geographical reach.

This extensive network empowers us to anticipate and respond to your demands and the dynamic challenges facing your industry swiftly and efficiently.

At the core of our service lies a dedication to risk management, risk avoidance, and brand protection.

We proactively identify and resolve potential problems before they materialize, providing invaluable sector-specific advice and assisting in the strategic implementation of risk-mitigating measures.

Our specialist teams are equipped to offer not just legal solutions but practical, commercial, and strategic guidance on the issues affecting your business.

By staying attuned to industry trends and regulations, we ensure that our advice aligns with the evolving landscape of your sector.

Whether it’s navigating regulatory complexities, formulating effective risk management strategies, or safeguarding your brand reputation, we stand ready to provide comprehensive support for the holistic well-being of your business.

We would like just to prevent the prosecution by various enforcement agencies overseeing transport, health and safety, environmental concerns, and other business-related matters.

Proactive measures are infinitely preferable to reactive responses.

The road haulage sector has the difficult task of delivering goods safely to customers, all the while adhering to the strict rules and regulations in force.

The law governing this area is highly complex and an increasing number of companies are finding themselves falling foul of these strict regulations.

We are experienced in assisting, and representing, a diverse range of transport operators

Our services has been searched by transport managers and professional drivers across all issues within the sphere of Transport Law.

We provide legal advice, defence, and representation on a wide range of issues pertaining to goods and passenger vehicles, from the initial licensing application and beyond.

We strongly advocate for both existing transport companies and new operators to seek early advice from Road Transport Services Lawyers.

Our legal services involves the following activities :

1. Planning and drafting applications for new operator’s licenses or variations to existing licenses.
2. Liaising with and making representations to the Office of the Traffic Commissioner on all relevant matters.
3. Establishing new operating centers correctly, understanding the ongoing requirements for financial standing and vehicle maintenance regulations.
4. Understanding and effectively managing the crucial role of the nominated transport manager.
5. Handling notifications of convictions and fixed penalty notices to the Office of the Traffic Commission.
6. Taking preventive measures, such as conducting audits of current transport operations, to ensure continuous compliance.
7. Representing clients at public inquiries and preliminary hearings before the Traffic Commission
8. Producing employment contracts for transport managers, agency, and self-employed drivers, along with advising on disciplinary procedures.
9. Initiating effective business succession and planning, considering the implications of changes in entity, mergers and acquisitions.
10. Commencing reviews and objections following the impounding and seizure of both vehicles and loads by Border Force or DVSA.
11. Challenging and appealing penalties imposed for clandestine entry of stowaways into the Bulgaria by road transport.
12. Challenging and appealing vehicle and load seizures by Bulgarian authorities for non-payment of duty through condemnation proceedings or by restoration.

These services represent only a selection of what we offer to those operating transport businesses.

While some may apply universally, others may be more specialized.

If uncertainty prevails regarding our ability to assist, please do not hesitate to contact one of our Specialist Transport lawyers for a FREE, no-obligation.

What legal challenges do transport operators face in the road haulage sector?

Transport operators in the road haulage sector encounter various legal challenges related to compliance with complex rules and regulations governing the safe delivery of goods. Our expertise extends to addressing these challenges.

How can your legal services assist transport operators in Bulgaria?

We specialize in providing legal advice, defense, and representation for a diverse range of transport operators, managers, and professional drivers. Our support covers all aspects of Transport Law, from initial licensing applications to ongoing legal matters.

What specific issues does Transport Law encompass in Bulgaria?

Transport Law in Bulgaria covers a broad spectrum of issues related to goods and passenger vehicles. We offer assistance on licensing applications, compliance, regulatory matters, and any legal challenges arising in the road haulage sector.

Why is legal representation crucial for transport operators facing regulatory issues?

Legal representation is essential for transport operators as regulatory issues can have significant implications. We provide support to navigate through legal complexities, ensuring compliance and minimizing risks.

Can you assist with licensing applications for transport operators in Bulgaria?

Yes, we specialize in guiding and representing clients through the entire licensing application process, ensuring a thorough understanding of legal requirements and compliance with regulations.

What areas of Transport Law do you cover for professional drivers?

Our legal services extend to professional drivers, addressing issues such as driver compliance, working hours, and any legal challenges they may face in their roles.

How do you approach legal defense for transport operators facing regulatory scrutiny?

Our approach involves a comprehensive legal defense strategy tailored to the specific needs of transport operators. We aim to protect our clients' interests and ensure fair treatment during regulatory investigations.

Are your legal services limited to specific types of transport vehicles in Bulgaria?

No, our expertise covers a wide range of transport vehicles, including goods and passenger vehicles. We provide legal support irrespective of the type of transport operation.

Can you assist with ongoing legal matters beyond the initial licensing application?

Absolutely. We offer continuous legal support to address any ongoing matters, regulatory challenges, or legal issues that transport operators may encounter throughout their operations.

How can transport operators benefit from seeking early legal advice in Bulgaria?

Seeking early legal advice allows transport operators to proactively address potential issues, ensuring compliance with regulations, and minimizing the risk of falling foul of the complex legal framework governing the road haulage sector in Bulgaria.

October 13, 2017/by lawyer

Legal advices, News

Register a limited company in Bulgaria

Set a limited company in Bulgaria is a company formed by a contract between two or more persons to carry out business under a common firm.Register a limited company in Bulgaria

This is the situation, when one or more of the partners are jointly and fully liable for the obligations of the company, and the rest are only responsible to the extent of the payment agreed. Register a limited company in Bulgaria

Тhe name of at least one full liability partner and should be of a national exclusivity.

The contract for the establishment of a limited partnership shall be made in writing with the notarized signatures of all members and must contain the requisites set out in the provisions of Article 102 of the Commercial Law.

Requirements for set up of Limited company in Bulgaria?

The establishment of a limited partnership does not require any initial capital.The entry of a LP in the Commercial Register is based on an application form. It can be requested by any of the full liability partners or by a lawyer with an explicit written power of attorney.

The limited partnership has got two categories of members – full liability and limited liability partners. The management and representation of the company supposed to be made by the full liability partners. Register a limited company in Bulgaria

The full liability partners do not make any financial or material contributions to the company.

On the other side, limited liability partners are required to make a financial or material contribution in the company but they have no right to manage.

The limited partnership is the second form of partnerships regulated in the Bulgarian Commercial Act. It differs from the general one in respect of the partners’ participation.

There are two different types of partners to the limited partnerships – ones that bear unlimited liability (general partners) and ones that are only limitedly liable (limited partners).

According to the Commercial Act, the limited partnership consists of at least one general and one limited partner.

The partnership is founded on the basis of a partnership contract.

The trade name of the formation must contain the name of at least one of the limited partners.

According to Article 101 (2) of the Commercial Act, a limited partner is deemed to bear unlimited liability, if his/her name is included in the trade name of a limited partnership.

The internal relationship between the limited partners is similar to the relationship between the partners of the general partnership, except for the rights and obligations.

The general partners are obligated to deposit a contribution.

This contribution determines their share in the future profits and their liquidations quatas. Also, limited partners are subject to the obligation of loyalty – without the consent of the other partners, one partner may not have got a rival commercial activity.

With regards to the external relationships of the company, the limited partners do not have got an important role.

Mainly, they do not participate in the management unless they are expressly nominated to.

According to Article 112 of the Commercial Act, limited partners bear unlimited liability for legal transactions that have been conducted in the name of the partnership before or after its foundation, whenever the creditor did not know that he was contracting with a limited partner.

Otherwise, limited partners bear liability toward the partnership’s creditors to the extent of the contribution made, even if it has not been paid completely.

This provision also applies regarding losses of the partnership. In General partners bear personal, unlimited, joint and several liability.

April 1, 2017/by lawyer

Legal advices

Set up a company in Bulgaria

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. Set up a company in Bulgaria

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.

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. Set up a company in Bulgaria

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 :

– 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.

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

April 1, 2017/by lawyer

Legal advices

Challenging a Will Lawsuit

If you think your interests are injured with the will, left by your testator, seek help from a hereditary cases lawyer. He will initiate a challenging a will lawsuit.

There are null and void grounds for filing a challenging a will lawsuit. Null grounds have no legal effect while void grounds have legal effect, but it can be suspended. For this purpose, it is necessary judging the relevant claim or objection. To be filed challenging a will lawsuit it is necessary not to have expired 10-year duration of opening of succession. In addition: not to have passed more than 10 years since the death of the testator. The period between learning the reason for filing a challenging a will lawsuit and starting the procedure should be maximum 3 years.

The first ground of nullity is governed by Art. 43, para. 1 b. A the Law of Succession. It is related to testamentary capacity. In order for a person to draw a valid will, it should be major and be able to act wisely and handle his actions. This is Decision № 244-1979-I, 83-2004-II GO SCC.

People who are under full guardianship do not have testamentary capacity. A controversial issue is the ability to bequeath of such person. According to some of the opinions, a person placed under partial guardianship can not be legally able to prepare a will. Case law, however, takes the opposite view. It is assuming a decisive factor specific factual possibility of reasonable actions of the person rather than the legal limit of capacity. For this reason, in a challenging a will lawsuit a person’s legal capacity to bequeath shall be assessed to the date of the will. It doesn’t matter the legal capacity of a person before making a will.

The Secon Ground

Challenging a Will Lawsuit

of nullity of a will is governed by art. 43, para. 1 b. “B” Law of Succession. According to it the mistake, which is a discrepancy between the external objectification and the actual inner will of the testator, is a ground for dispute. Mistake can refer both to the person – successor, and the subject of inheritance. The mistake in the name of the successor does not vitiate the will. The contents must have enough data to customize the person (decision № 284-2000-I GO SCC). It is possible that there is a mistake of the motive for the preparation of the will and it is displayed as an independent ground for filing a challenging a will lawsuit.

It is envisaged that the motive is expressed in the very will and it is crucial, namely that it is the only reason for creating a testamentary disposition.

The following grounds for nullity of a will are “fraud and violence”. They are regulated in Art. 43, para. 2 Law of Succession. Violence can be expressed in physically or as a threat of force. If violence is in a form of a threat, it should create a well-founded fear in the testator, who is preparing a will.

In a challenging a will lawsuit the original claim may be filed to seek annulment. Without the need of changing the claim, it can be proclaimed the nullity of the will. To perform testamentary dispositions court can make a judgment, based solely on the will, submitted as evidence in the case.

Grounds for nullity of a will include:

procedural defect of the will – lack of full date and / or signature of the testator, the will is not written manuscript by the testator and is printed on a typewriter, computer or laptop
the motive of the will is contrary to law and morality
the will is on a contrary to the gratuitous nature of this type of document

Due to the variety of reasons that can lead to vice – grounds for filing a challenging a will lawsuit it is a good idea to seek help from a hereditary cases lawyer before you prepare this important document.

November 4, 2016/by lawyer

Legal advices

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

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.

November 4, 2016/by lawyer

Legal advices

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

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.

November 4, 2016/by lawyer

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Challenging a Will Lawsuit

The Secon Ground

Grounds for nullity of a will include:

Sale of Shares of Common Property

Why to choose us?

Hereditary Cases Lawyer – Declaring a Will

What coming next?

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

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