The business climate and the economic conditions during the last five years in Bulgaria led to an increase in the number of insolvency cases and company bankruptcies. Due to the fact that BWSP Ilieva, Voutcheva & Co. Law Firm has specialized in commercial law we have always had stable positions in the field of insolvency. During the past few years they have developed and refined.

Our fluency and the experience gained allow us to act for any and all participants in the insolvency procedures as creditors (companies, banks or financial investors), insolvency practitioners or corporate debtors. BWSP Ilieva, Voutcheva & Co. Law Firm’s team is always ready to provide professional guidance and legal advice in the following areas:

  • Plan, initiate and conduct of the instituting of bankruptcy proceeding, including procedural representation before the court
  • Consulting and assistance in other stages of the insolvency

procedure – suspension of a debtor company’s activity, claims for security measures, declaration of bankruptcy, discontinuing of judicial proceedings, as well as others

  • Consulting and procedural representation of creditors in referral of claims before the insolvency court and in particular in referral of claims for repeal (nullifying transfers and claims of invalidation)
  • Appealing individual acts of the court in the insolvency procedure and procedural representation before the higher court
  • Debt and equity restructuring
  • Undertake proposition of recovery plan
  • Undertake asset and debt recovery and investigations
  • Assets restitution, property of third parties (their subtraction from the insolvency moment)
  • Sale of the commercial enterprise of the insolvent company, as well as sales of individual assets of the insolvent company, in accordance with the provisions of the law
    • Transaction support in acquisition of insolvent company
    • Corporate restructuring of indebted companies
    • Representation before the insolvency court
    • Representation before the creditors meeting and before the assignee in insolvency
    • Communication and negotiations with other creditors, with the assignee in insolvency and with the debtor

    With the help of our tax team BWSP Ilieva, Voutcheva and Co. Law Firm provides comprehensive tax analyses of all possible transformation forms and their tax effects for the parties participating. We consult on VAT, corporate and individual taxation depending on the particular case.

    Throughout our participation in Globalaw and BWSP Legal our clients may rely on our connection with law firms in Central and Eastern Europe as well as in over 80 countries worldwide.

    Related Publication by team members:

    Mr. Anton Uzunov:

    Determination of Bankruptcy Initial Date in Insolvency Procedure, „Commercial and Competition Law” Journal, issue 5/2010

    Abandonment and Refusal of Application for Initiation of Insolvency Procedure by the Debtor, „Commercial and Competition Law” Journal, issue 7/2012

    New Moments in the Invalidity of the Commercial Deals and Repeal Claims with a view to Changes of the Regulation of the Insolvency Announced in Issue 20/28.02.2013 of State Gazette, „Commercial Law and Law of Obligations” Journal, issue 9/2013, issue 11/2013, issue 12/2013

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