19
Tue, Oct
91 New Articles

CMS Successful for Global Biomet Against Bulgarian Ministry of Finance

CMS Successful for Global Biomet Against Bulgarian Ministry of Finance

Bulgaria
Tools
Typography
  • Smaller Small Medium Big Bigger
  • Default Helvetica Segoe Georgia Times

CMS has successfully represented Global Biomet in proceedings against the Ministry of Finance of the Republic of Bulgaria in a dispute related to the country's feed-in tariff.

According to CMS, between January and August 2014, "the Bulgarian state budget collected 20% fees from the income of all solar and wind producers in the country prior to these provisions of the Renewable Energy Act (2011) being declared unconstitutional by the Bulgarian Constitutional Court. Regardless of Ruling 13 under Constitutional Court case No 1/2014, the Bulgarian state refrained from paying back to the renewable energy investors the fees, which were collected under the unconstitutional provisions, which were repealed by the Bulgarian Constitutional Court." According to the firm, "instead of a settlement, which was offered by the investors, the Bulgarian Ministry of Finance decided to litigate all renewable energy producers for a period of 7 years."

According to CMS, the Bulgarian Ministry of Finance decided to skip the third instance appeal process and has practically surrendered its position.

CMS's team was led by Sofia-based Managing Partner Kostadin Sirleshtov and Partner Assen Georgiev and included Senior Associate Borislava Piperkova, Associates Elena Yotova – Yordanova and Yana Antonova, and Trainee Teodora Peycheva.

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu

Our Latest Issue