The Managing Partner has advised on drafting the following acts of Parliament: Securities, Stock Exchange and Investment Companies Act; Concessions Act; Privatisation Funds Act. In addition, he has advised the Securities and Exchange Commission, Bulgarian National Bank and the Government on various draft laws and regulations, including: Regulation on Prospectuses for Public Offers of Securities, Regulation on Privatisation Fund Prospectuses, Regulation on Licensing of Stock Exchanges, Investment Intermediaries and Investment Companies, Regulation on Licensing of Privatisation Funds, the Banks and Credit Act, the Regulations under the Banks and Credit Act and amendments to Regulations under the Currency Act, the Regulation on Currency Valuables and others. The Managing Partner provided informal comments on the draft of the EBRD Model Law on Secured Transactions and submitted a written opinion to the Judicial Reform Committee which operates under the auspices of the Center for the Study of Democracy, a leading Bulgarian non-profit think thank. Jana Djambazova also has significant experience in legislative drafting. As a legal expert with the Council of Ministers she worked in co-operation with the European Council Team in drafting the Information Bill. As legal expert with the Ministry of Finance she participated in the drafting of the Tax Administration Act and the Tax Procedure Act. As BIBA members the Partnership is frequently consulted on important commerce and finance related Bills of Parliament and on BIBA’s Annual White Book.
MERGERS & ACQUISITIONS, PRIVATISATION
The Partnership has one of the fastest growing M&A practices in Bulgaria including structuring of and advising on mergers and acquisitions of private businesses and asset acquisitions. Our work is focused on conducting the transaction negotiations, representing the client before government agencies and regulatory bodies, drafting the legal documentation on the transaction (including letters of intent, confidentiality agreements, guarantee agreements, share-purchase agreements, shareholder and share retention agreements, etc.). We have advised on several large post-privatisation sales, including leveraged buy- outs.
The Partnership has substantial experience in representing buyers of and investors in state and municipality owned companies and in acting for the Bulgarian Privatisation Agency. We are well placed to advise on management buy-outs and mass (voucher) privatisations, including formation of investment funds, drafting prospectuses and related documents as well as organising shareholders’ meetings.
As no split of the legal profession is made in Bulgaria, the Partnership has considerable commercial, administrative and tax litigation experience. We are particularly strong in inter-bank and bank-client relationship disputes. The Partnership also has experience in arbitration proceedings, including supporting international arbitration. We have opined on international arbitration matters for the benefit of international law firms as such matters relate to Bulgarian law. We have experience in procedures for recognition and enforcement of foreign judgements or arbitral awards and in challenging arbitral awards in the Supreme Court.
The Partnership has been active in the establishment of joint-ventures and companies in Bulgaria on behalf of clients from more than 15 countries and in consulting foreign clients on Bulgarian contract, tax, acquisition of real property, banking and privatisation matters. The Partnership has relevant experience in advising on structuring, transformation and acquisition of existing companies or stock therein and in the related legal due diligence and drafting of prospectuses. The Partnership has advised on concessions framework, applications and documentation, and has substantial experience in acting for foreign clients in connection with public tenders, competitions and procedures under the Public Procurement Act and in compliance with competition law. The Partnership has also advised on repatriation of foreign direct or indirect investments and insolvency-related collection of proceeds. Our work on employment related issues has included advising various international law firms and multinational companies on management contracts, employee share-schemes, alien residence and work permit matters. The Partnership has experience in advising foreign nationals and entities on the restitution of real property, which was nationalised by the former political regime.
ENERGY AND ENERGY RESOURCES
The Partnership has a fast-growing energy practice which is primarily focused on advising in connection with the establishment of companies in the field of energy, energy resources and energy-saving activities, as well as on representing Bulgarian and foreign investors in connection with the financing, development and operation of energy (electricity and gas) projects. We act for energy companies, banks, developers, export credit agencies and government agencies. The Partnership has provided extensive legal opinions on energy and natural resources law related issues, including in international transactions, in co-operation with leading international law firms.
BANKING AND FINANCE
The Partnership has one of the country’s pre-eminent banking and finance practices. We regularly act for large and medium size Bulgarian and foreign banks and financial institutions (both privately and state owned) as well as for some of the leading financial brokerage houses in Bulgaria. Boasting two US and UK law trained and experienced lawyers, the Partnership has unique expertise in the structuring and negotiation of bank and bond financings to private and public businesses in Bulgaria, drafting the relevant legal documentation and (if needed) creation and perfection of all types of security in connection therewith. We frequently advise international financial institutions and large international banks on sovereign and private lending in the country
In the context of the banking and finance projects in which the Partnership is involved, we also advise on insolvency/bankruptcy, tax and creditor rights/enforcement issues.
The Partnership has contributed the chapter on Bulgaria in the 2003 Global Securitisation and Structured Finance Guide, published by Globe White Page and sponsored by Deutsche Bank, as well as the article on Bulgaria in International Financial Law Review’s Structured Finance Yearbook 2003.
The Partnership also has experience
in INSOLVENCY, TAXATION and CIVIL ENFORCEMENT.