AP Law firm, in cooperation with Ashfords LLP, has initiated Secondary personal insolvency proceedings before a Bulgarian court in accordance with Council Regulation (EC) No 1346/2000 of 29 May 2000 on Insolvency Proceedings.

In this specific case, the Secondary personal insolvency proceedings concern the ownership of a bankrupted citizen of the UK on properties located on the Bulgarian Black Sea Cost.

By way of the Secondary personal insolvency proceedings the UK creditors will receive significant contribution to the bankruptcy estate.

As per the Bulgarian Commerce act insolvency proceedings may be initiated only against legal entities. This is the reason why the said Secondary personal insolvency proceedings are considered as absolute precedent in Bulgarian legal system. Furthermore, this is a “breaking point” in the Bulgarian insolvency proceedings. Based on this precedent a discussion for adoption of Bulgarian Personal Insolvency Act may be initiated.

We are proud that our law firm in collaboration with a member of ADVOC added valuable expertise to its scope of work.