CMS has successfully represented RES Technology in a dispute heard by the Arbitration Court of the Bulgarian Chamber of Commerce and Industry initiated by Bulgaria's state-owned electricity transmission system operator ESO EAD.
Bulgaria, along with the entire CEE region, has been experiencing a surge in investment and transactions over the past two to three years. Prior to that, hit by a late wave of the global recession, Bulgarian business faced problems with over-indebtedness, resulting in a large number of insolvencies, especially in the real estate sector. Since then, however, insolvencies have been decreasing. Thus, the recent uptick in the number of insolvency procedures being initiated in a particular sector – energy – deserves special focus and attention.
Two concentrations recently prohibited by the Bulgarian Commission for the Protection of Competition with limited analysis have been widely criticized for their lack of valid economic arguments. Because both decisions were highly publicized and concern the politically sensitive sectors of media and energy, they are worth special attention.
The particularly-challenging nature of CEE law firm marketing becomes especially relevant as we bid adieu to a good friend in Bulgaria, who, after more than four years doing law firm marketing and business development with several of Bulgaria’s leading law firms, is leaving the profession altogether. We asked her some final questions on her last day, honoring her request for anonymity in the process.
Companies have until 1 February 2019 to register their beneficial owners in the Bulgarian Commercial Register and Register for Non-profit Legal Persons (the "Commercial Register"). This obligation comes as a result of the adoption of a new Law on the measures against money laundering in March this year (the "AML Law").
Ever since the CEE market opened for private practice CEE lawyers have sought to work on international mandates in collaboration with international lead counsels. Apart from the obvious (we take an oath to serve justice, but it is no secret that we also in fact work for money), the benefits of this cooperation also include the opportunity to draw on the international counsel’s expertise, particularly in transactional work. Such cooperation has greatly influenced the work of local counsel. Those who seized the opportunity had a steep learning curve and developed their practices to a level that is generally referred to, mostly in lawyers’ own pitches, as reaching an “international standard.”
With Decision No.1046 issued on 20 September 2018, the Bulgarian Commission for the Protection of Competition (the "CPC") gave the green light to the acquisition of Rapido Express and Logistics OOD by its competitor Speedy AD, in accordance with Article 26(1) of the Act for the Protection of Competition (the "APC").