One of the defects of the Bulgarian tax system and of the enforcement authorities in Bulgaria – the lack of direct access to information for the purposes of administrative cooperation (the automatic exchange of information) between the relevant authorities and legal entities – is on its way to being resolved.
According to Ilko Stoyanov, Partner at Schoenherr in Bulgaria, although his country has a very small legal market, which means that it is difficult to identify trends and to forecast the future, non-performing loans, the GDPR, and the rapid growth of artificial intelligence are topics that will definitely keep lawyers wired throughout 2018.
CMS has advised the investors of Acwa Power CF Karad PV Park EAD — a joint venture of Acwa Power, Blackstone, and the Clean Energy Transition Fund (which itself includes the EBRD and the European Investment Bank, among others, as partners) which owns one of the largest photovoltaic power plants in Bulgaria — on the restructuring of its debt. Allen & Overy (as international legal counsel) and Spasov & Bratanov (as Bulgarian legal counsel) advised lenders IFC, OPIC, Unicredit London, and Unicredit Bulbank on the matter.
Kocian Solc Balastik has advised Energo-Pro on matters of Czech law related to its December 8, 2017, EUR 370 million debut Eurobond issue in London. Energo-Pro was advised as to English law by lead counsel Herbert Smith Freehills, as to Bulgarian law by Tsvetkova Bebov Komarevski, and to Georgian law by the BLC Law Office. The Joint Bookrunners (Citigroup Global Markets Limited and J.P. Morgan Securities plc) and Joint Lead Managers (Citigroup and J.P. Morgan, as well as Banca IMI S.p.A, Komercni banka, a.s., and UniCredit Bank AG), and Trustee (Citibank, N.A London Branch) were advised by Allen & Overy on Czech and English law and by Spasov & Bratanov on matters of Bulgarian law.
On Thursday, November 30th, leading legal practitioners from across Central and Eastern Europe gathered in Prague to help CEE Legal Matters celebrate its fourth successful year as the leading chronicle of the legal industry in the region, participating in an expert Round Table conversation about the year just concluded and enjoying an evening of dinner, drinks, and bonhomie.
DGKV has advised Fund Manager of Financial Instruments in Bulgaria EAD on the structuring and launching of a EUR 180.5 million public procurement procedure to select financial intermediaries for the Urban Development Fund under the Operational Program "Regions in Growth 2014-2020," which is co-financed by the European Structural and Investment Funds.
On November 1, 2017, Lilyana Pavlova, the Minister in charge of the Bulgarian Presidency of the EU Council and Boyanov & Co. Managing Partner Borislav Boyanov, the President of the Association of the Honorary Consuls in Bulgaria and Honorary Consul of Malta, signed a Memorandum of Cooperation for the forthcoming Bulgarian Presidency of the European Union.
The commercial legal markets of Central & Eastern Europe didn’t appear automatically. They didn’t develop in a vacuum. They were formed, shaped, and led, by lawyers – visionary, hard-working, commercially-minded, and client-focused individuals pulling the development of CEE’s legal markets along behind them as they labored relentlessly for their clients, their careers, their futures.