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As a result of several mid-sized acquisitions in 2016, many foreign companies interested in buying shares in limited liability companies in Bulgaria have faced questions about how the management of such business entities are controlled and what the risks are of detection, after the acquisition, of “hidden liabilities” due to the potentially non-compliant behavior of those companies’ statutory representatives with good corporate standards.

In The Corner Office we invite Managing Partners at law firms from across the region to share information about their careers, management styles, and strategies. The question this time around: Is your personal practice more or less the one you anticipated when you finished law school, or did it change somehow in the interim?

The 2017 CEE Legal Matters General Summit took place at the Intercontinental Hotel in Warsaw on June 1-2, 2017, once again bringing together well over a hundred General Counsel and Heads of Legal from across Central and Eastern Europe for two full days (and one entertaining evening) of seminars, panel discussions, best practices review, and networking. This year’s event — the third annual, following the 2015 GC Summit in Budapest and the 2016 GC Summit in Istanbul — was the biggest and most successful yet.

On May 31 and June 1, 2017, CEE Legal Matters was proud to host a rare event: A gathering of those senior lawyers from each Central and Eastern European country identified by peers as being most influential, most important, most uniquely responsible for having created the country’s modern commercial legal market.

Business is good in Bulgaria at the moment, according to Ilko Stoyanov, Partner at Schoenherr in Sofia. He draws particular attention to the real estate market — especially the shopping mall segment, which has seen four Sofia malls change owners already this year. Stoyanov isn’t able to pinpoint a particular reason for the boom, but notes that two of the malls (The Mall and the Serdika Center) are expected to be sold to a "sizeable investor”  New Europe Property Investments. The price of real estate has increased in 2017, according to Stoyanov, “reaching levels close to before the financial crisis."

Wolf Theiss has provided advised FactSet on CEE matters related to its acquisition of BISAM Technologies for USD 205 million from Aquiline Capital Partners. Factset was also represented by Cravath Swaine & Moore in the United States and K&L Gates in Western Europe. Willkie Farr & Gallagher represented the Sellers and BISAM.

DGKV has successfully persuaded the Bulgarian courts to recognize and enforce an award in favor of Sandvik Bulgaria EOOD resulting from arbitration against Bulgaria's state-owned Montagi EAD arising from a contract for erection of coal and lime stone storage and handling systems at Bulgaria's Maritza East 1 power station.

Djingov, Gouginski, Kyutchukov & Velichkov (DGKV) has advised Mundus Services AD on the acquisition of 100% of the capital of VM Automation EOOD – a wholly-owned subsidiary of Bulgaria’s VM Finance Group. The deal remains contingent on approval from Bulgaria's Commission for Protection of Competition. 

We are living in a digital age. The Snowden case has placed certain aspects of personal data processing and related threats in the spotlight. The ripple effects have been seen far beyond the USA, and Bulgaria has also been affected by discussions on how personal data is used. However, personal data protection is a post factum topic when problems and questions arise. Many Bulgarians have heard about personal data, but few are interested in finding out more. The protection of personal data is, generally, not taken seriously. 

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Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm in Central and Eastern Europe. With 13 offices located in Belgrade, Bratislava, Brussels, Budapest, Bucharest, Chisinau, Istanbul, Ljubljana, Prague, Sofia, Vienna, Warsaw and Zagreb, as well as country desks for Albania, Bosnia-Herzegovina, Macedonia, Montenegro and Ukraine, Schoenherr provides its clients with comprehensive coverage of the CEE/SEE region. More than 300 legal professionals work across borders in both a centralized and de-centralized manner, according to the individual client’s needs and requirements. Quality, flexibility, innovation and practice-oriented solutions for complex assignments in the field of business law are at the core of the Schoenherr philosophy.

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