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Cross-border transformation of trading companies within the EU

Law Partnership Tascheva & Partner — Thu, 17 May 2012 11:03:08 GMT

Trading companies long since have passed beyond the borders of countries in which they have their registered office, central administration and principal place of business. Internationalization is gaining ground both in the sphere of activities and in the structure of the companies pursuing the increase of their profits and has put on the agenda the question of their correct and advisable localization, which includes their production enterprise and units. The necessity for companies to freely cross countries in search of a more favorable legal and economic atmosphere for the optimal combination of legal climate, tax regime and market conditions. Carrying out the decisions made on the basis of economic reasons requires the assistance of adequate legal regulation, which will provide the possibility for re-structuring company business’ beyond national borders .

The transnational merging of companies, as well as transferring registered offices is one of the forms of the cross-border movement of legal corporate persons, i.e. the “mobility of companies”. The interaction between the concerned legal systems supposes that the institute of the transformation of the trade companies to be settled according to both legislations. While the adaptation of the inter-company transformations within the EU was made in an earlier stage with the adoption of the Third Council Directive (Directive № 78/855 concerning mergers of public limited liability companies) and the Sixth Council Directive (Directive № 82/891 concerning the division of public limited liability companies), working out colliding issues that emerge with the transnational transformation within the EU took a very long time till in 2005 the Tenth Directive № 2005/56/EC of the European Parliament and of the Council of 26 October 2005 on cross-border mergers of limited liability companies was adopted and the regulations of which were duly transposed in the new Section V of Chapter XVI of the Bulgarian Commerce Act. The financial aspects of the transformation were harmonized in the 90s with the adoption of Council Directive 90/434/EEC on the common system of taxation applicable to mergers, divisions, transfers of assets and exchanges of shares concerning companies of different Member States .

The transformations are under the Tenth Directive on mergers (Art.2, p.2/a/). They are applicable to all capital companies (Art.2, p.1/a/ in connection with Article 1 of Directive 68/151/EEC of the Council of 9 March 1968 on the co-ordination of guarantees, which the Member-States require from the companies within the definition of Art. 58 of the Contract for the protection of the interests of members and others, the aim being securing equivalence of the guarantees on the territory of the Community), whose country’s national law admits transformations are set up in the jurisdiction of a member-state and have its registered office, central administration or principal place of business located within the Community.

The Tenth Directive (consideration 3) adopts the principle of lex societatis concerning the applicable law with regard to every company transformation, concerning the very possibility itself for transformation and the procedure that is to be followed. Referral to the national law of the companies is not expected to hinder the transformation as far as the legal regulation on the internal transformations has already been subject to adaptation by the Third Directive No 78/855 on mergers and amalgamations of joint-stock companies.

The procedure for the transformation in principle is conducted in two stages: the publication of the transformation in the competent administrative/ Court Register and the declaration of the Executive Body of the acquiring company of the registration of the transformation at the Bulgarian Commercial Register (Consideration 7 of the Tenth Directive).

Regarding the participation of the workers and employees in the management of the acquiring or new company, the Tenth Directive foresees the application of the rules in force in the Member State where it has its registered office. At the same time, the principle of the acquired rights contained in the Regulation (EC) № 2157/2001 of the Council on the statute of the European company concerning the employee participation.

The fulfillment of the procedure for cross-border transformations requires to have in mind the provisions of Regulation № 139/2004 on the control of concentrations between undertakings (the EC Merger Regulation) which is a specific legal instrument for the effective control of the conducted operations and their influence on the structure of the respective market on national and Community level.

The participation of companies of different nationality in the transformation proves to be one of the main mediums for re-structuring company capital. By way of the transformation the parent company has the opportunity to terminate its subsidiary (daughter company) in case its profits substantially decrease. Through the transformation of companies the legal statute is subject to a new legal order which does not require the liquidation of the company property transferred as a whole to the new or the acquiring company. In this way the company is given chance to concentrate its business and capital in more effective participation in the market.

Law Partnership Tascheva & Partner

The most recent amendments to the Law on Renewable Energy Sources

Law Partnership Tascheva & Partner — Wed, 16 May 2012 10:55:00 GMT

At the end of 2011 a second bill was introduced into parliament for the revision of the Law on Renewable Energy Sources. On 28th March 2012 the amendments in the law were voted at second reading, and they will be published in the State Gazette*.

What essentially are the amendments:

Amended is the moment of determining the preferential purchase price of the electric energy produced from RES (renewable energy sources) by the public supplier. Under the hitherto valid regulation that moment was the date of the Protocol of Findings concerning the construction of the power project pursuant to art.176, par. 1 of the Law on Renewable Energy Sources - more popular as Act 15. Under the new provision the defining moment will be the date of commissioning the project into operation, effectively as of the date of the issuance of Protocol for that in accordance with the Spatial Development Act or the accepted term in the practice of issuing act-form 16. The motives for this amendment are obvious as far as act-form 15 is signed between the investor and the main contractor of the project - without control and presence of the state authorities. Obviously the system is being abused, i.e. act-form 15 is being signed in breach of the law, when the project is still unfinished, with the sole purpose to secure a preferential effective price determined by the State Energy and Water Regulatory Commission for the relevant period.

Regrettably the new provision does not distinguish between the two moments – the two stages of the commissioning of the energy project: the issuance of act-form 16 of the State Inspection Committee and the issuance of the Certificate for Commissioning into Operation. It is well known that between these two stages there is a time period of between a week and a month, which may prove crucial for certain energy enterprises with respect to the preferential price they might get.

Intriguing is also the decision concerning the energy projects which as of the date of coming of the law into force have already been granted an effective act-form 15. Obviously, with a view to avoid the retroactive action of the law the rights of the energy plants that have already reached this stage of construction have not been overridden. The organs of the State Construction Control are assigned the obligation to inspect such energy plants and certify with a protocol the conformity to act-form 15 regarding the actual condition of the plant, as well as the compliance with all the requirements of the Spatial Development Act and other relevant legal regulations. The author of this paper holds the view that the legislative decision giving the organs of the State Construction Control the right to pronounce a judgment on the compliance of an issued act-form 15 to a protocol is unacceptable. The protocol is a written statement of ascertainment - it is a document with which the administrative body certifies the presence or lack of certain administrative or legal prerequisites at a given moment. In this case the protection of the interests of the investor in the energy companies who disagree with the stated in the Protocol remains somewhat unclear. This is so, because as no administrative act is issued, appealing against the Protocol under an administrative procedure will most likely prove inadmissible. The only way the investor can defend himself will be to claim damages through a general claim procedure against the authorities of National Construction Control Directorate.

An interesting amendment is made concerning the construction of power plants for the generation of electric power from renewable sources through assistance funds from national and European programs. According to the hitherto existing provision of the law, such power plants have never resorted to the two elements encouraging the production of electric power from RES – namely, preferential prices and guaranteed time limits for the purchase of the produced electric power. Under the new revised provision of the law, such companies are granted the right to make use of the time limits for purchase of electric power, with the prices being determined again by the State Energy and Water Regulatory Commission, pursuant to a special regulation which is yet to be published.

Some of the restrictions concerning projects that have been commissioned into operation by stages have been lifted. The new regulations introduce, in the author’s view, a more just decision – the rules for determining the purchase prices will be taking effect from the moment of commissioning into operation of each of the stages. Provision is made for the installation of measuring equipment for the purposes of certifying the completion of each stage of a power plant, respectively for the purchase at prices and conditions effective as of the moment of operation of the specific part of the power plant. .

A schedule for extending the network of electric distributing companies is prepared, which provides for the staged development and expansion of the capacities related to the possibilities for the commissioning into operation of new electric power generating plants. This provision refers primarily to the persons who have concluded a preliminary contract for connection to the electric grid. These persons are obligated by law to provide a statement regarding their consent or dissent to the time limit set in the schedule for connecting to the grid. In the event of expressed consent, the time limit for connecting to the grid is fixed according to a schedule set in an additional annex to the contract for the connection. The guarantees given by the persons must be valid and provided in time. In case a dissent is expressed to the time limit for connecting to the grid, the preliminary contract for connection of the power plant will be considered terminated by law. If no statement of opinion is made within one month’s time of the receipt of a notification of the schedule and the term, then the parties will have to bear in mind that the legal sanction is termination of the preliminary contract. Regrettably the law does not make provision for the consequences of this kind of termination and there again exists ambiguity concerning the possibility of lodging eventual future claims for damages suffered by the power plants and their investors against the electric distributing companies.

* the article is written on 29 March 2012

Law Partnership Tascheva & Partner

China's Great Wall Motors Opens Plant in Bulgaria

a.shulekova — Mon, 20 Feb 2012 23:10:42 GMT

Seventeen years after Bulgaria's last failed attempt to revive its automobile industry, the country has pinned new hopes on the launch of mass production of cars under the Chinese Great Wall badge, due on Tuesday.

The first car assembled here was rolled out in the middle of November last year at a factory near the town of Lovech, Northern Bulgaria. Mass production however will be launched with the official opening of the plant on February 21.

With the opening of its new plant in Bulgaria, Great Wall Motors becomes the first Chinese automaker to assemble cars in the European Union.

Cars produced by China's Great Wall already hit the Bulgarian market in October last year through a network of twelve representative show rooms across the country.

Voleex C10 sedan, Hover H5 SUV and Steed pickup are the three different vehicle models, which Chinese car maker Great Wall Motor Co and Bulgarian company Litex Motors will produce in the town of Lovech, Northern Bulgaria, at very competitive prices.

Expectations are for a furore not least because of the cars' low prices.

Great Wall Motor Company, one of China's biggest automotive manufacturers, signed a joint venture (JV) deal with Bulgarian diversified holding company Litex Commerce in the presence of Chinese Vice President Xi Jinping and Bulgarian Prime Minister Boyko Borisov at the end of 2009.

The plant will have an annual production capacity of 50,000 units and assemble four different models – a sports utility vehicle (SUV), a pickup and two passenger car models, which are expected to be sold in European Union countries.

The total initial investment is around EUR 97 M, potentially reaching EUR 300 M if the project is successful. The Chinese company has secured 10% of the money, the remainder was forked out by Litex Motors, owned by petrol businessman and owner of Litex football club Grisha Ganchev.

The cars are expected to be sold under the Great Wall badge, boosting the firm's output from around 400,000 at present.

The project is considered to be nothing short of a coup for Bulgaria, which does not currently produce any passenger vehicles, though it does have a modest but successful automotive components industry.

The plant will surely be positioned squarely towards export market and by the time production commences, the automobile market is expected to be experiencing a post-slump upswing.

This may also be the last chance for the revival of the local automobile industry after in mid 1990s Rover set up a joint venture with the Bulgarian Daru Group in Varna, which failed because of a weak market strategy, high prices, and a stronger competitor in the face of Skoda.

Bulgaria's Revamped Varna Airport to Reopen Febr 29

a.shulekova — Mon, 20 Feb 2012 23:09:03 GMT

Bulgaria's Varna Airport on the Black Sea coast will be reopened on February 29, 2012, after the completion of a massive investment into the rehabilitation of its runway, concessionaire Fraport Twin Star Airport Management has announced.

Since the fall of 2011, Fraport Twin Star has invested BGN 40 M to improve the runway of the Varna Airport. In the meantime, the airport was closed for planes and passengers.

In November 2011, Fraport Twin Star Airport Management signed the contract for the construction of the new terminals with the selected constructor, Turkish consortium TIE-ICDAS.

The construction of the two passenger terminals is estimated to cost the concessionaire a total of BGN 130 M.

As early as July 2011, the concessionaire of the Bulgarian Black Sea airports Varna and Burgas Fraport Twin Star Airport Management announced plans to invest BGN 170 M in their modernization in the next 3 years.

Fraport Twin Star CEO Dirk Schusdziara explained that BGN 40 M will poured in the overhall of the Varna Airport runway – a project that commenced as scheduled in October 2011 – and the rest will go for the construction of the new passenger terminals.

During modernization projects at Varna Airport and Burgas Airport in the next three years, the company will create 1 500 new jobs, he said.

BGN 12 M have already been poured in the Burgas Airport where a new administrative building has been built.

Fraport Twin Star Management plans to expand the terminals in both Varna and Burgas; after the expansion, Burgas Airport will be capable of handling 2.7 million passengers a year, and Varna – 1.8 million passengers.

The airports in Black Sea cities Varna and Burgas have been granted on concession to Fraport Twin Star Airport Management company, a German-Bulgarian consortium between the Varna-based TIM group's holding "Chimimport" (40%) and the German "Fraport", since 2006.

In 2010, Fraport Twin Star Airport Management paid the Bulgarian state a total of BGN 13 M for the concessions of Varna Airport and Burgas Airport.

China Ming Yang Group to Supply Turbines for Bulgarian Wind Parks

a.shulekova — Mon, 13 Feb 2012 23:43:13 GMT

China Ming Yang Wind Power Group Ltd., a Guangdong-based wind turbine manufacturer, has agreed to supply machines on 125 MW of projects in Bulgaria.

Ming Yang Wind Power (International) Co. Ltd., a unit of the company, signed contracts to provide turbines and build the two parks for W. Power Ltd., a Bulgarian wind energy developer, China Ming Yang said today in a statement.

"This represents a significant milestone of Ming Yang's overseas market development, marking an important step in extending our footprint in mainstream European markets," Chief Executive Officer Zhang Chuanwei said in the statement, as cited by Bloomberg.

Chinese companies including Xinjiang Goldwind Science Technology & Co., China's second-largest wind-turbine maker, are studying expansion abroad to overcome a slowing home market after a tighter government approval process for new projects intensified competition.

New installed turbines in China about doubled each year from 2005 to 2010 when 18.9 GW of new machines were added. That pace stalled last year as China added 18 GW, according to the Global Wind Energy Council.

China Ming Yang will also help finance the project, according to Jonathan Mann, chief executive officer of Sofia-based W. Power, which also is talking to local banks about loans.

China Ming Yang Wind agreed the engineering, procurement and construction contracts with W. Power and another company called A1 Development in December, according to the statement. The first three turbines were shipped on Feb. 6 to the 4.5 MW pilot project in Somovit, which will be commissioned in July.

The 120 MW Milkovitsa project in Pleven in the north of Bulgaria is planned to start later this year. The entire 125 MW project will use China Ming Yang Wind turbines, Mann said.

On some aspects of the envisaged tax on financial transactions

a.shulekova — Thu, 09 Feb 2012 00:07:08 GMT

As is well known, as a result of the financial crisis ЕU’s two major member states – France and Germany exerted pressure on the European Commission to introduce the so called tax on financial transactions. Consequently, on 28th September 2011 the European Commission presented a proposal for a Council Directive for a common system of financial transaction tax and amending Directive 2008/7/EC. At present, trading of securities in most EU member states is not taxed. It is believed that one of the aims of the Commission besides the generation of significant revenue for strengthening the stability of the Currency Union is also putting in place disincentives for short-term speculation on the respective financial market, the idea obviously being that taxing the transactions will render this type of financial activity considerably less attractive.

Resistance to the imposition of such a tax first came from the UK for understandable reasons as London is a world’s major financial center. Reservations concerning the introduction of the tax have been also expressed by a number of other European countries largely on the grounds that for the first time a tax common for all EU member states is not a member-state’s sovereign decision but imposed by EU institutions. It is considered a first step in the adoption of a common tax system for the corporate and income taxation in all of Europe, and a retreat from the principle that each nation can introduce different tax measures from those of the other EU nations.

The tax is expected to be levied upon every single financial transaction involving a party whose registered office is on the territory of the EU. The transaction must also involve the participation of a financial institution. As it stands now the idea for the scope of the tax is to not tax transactions which do not involve financial institutions. Hence, the participation of a financial institution is presumed in all cases, regardless of whether the financial institution acts on its own behalf and for its own benefit or as an agent for another entity. With regard to the existing restriction on cash payments in some European countries, including Bulgaria, it is planned that the tax will affect almost all types of financial transactions.

The definition for a financial institution reads a company which meets the following conditions:

has obtained the respective EU member-state -issued permission or license for conducting financial activity, e.g. banking
Has a registered address in an EU member-state.
Has a permanent address in an EU member-state.

Financial institutions registered outside the EU but maintaining branches in the EU territory and licensed to conclude transactions in EU territory are also defined as financial institutions, hence subject to this tax.

The place of enforcement of the tax is irrelevant.

The tax is envisaged to cover all types of financial products with the exception of first emission securities. The Directive is not aimed at taxing the issuance of securities itself, but at the taxing trading in those securities on the secondary market. It is expressly expected that the transactions of the central banks will fall out of the scope of the Directive (the European Central Bank and the national banks).

Law Partnership Tascheva & Partner

Highlights of the Main Legislative Amendments In Effect from the Start of 2012

a.shulekova — Mon, 23 Jan 2012 23:30:00 GMT

With the start of the new year, the widely discussed and received with controversial responses Pension Reform also begins. It foresees an increase in the pension age and the necessary years of service. The length of service and pension age was pushed up for women and men by 4 months and it will continue to rise every subsequent year with 4 months. Thus in the year 2020 to retire, women will have to have reached the age of 63 and have completed 37 years of service. The retirement age for men rises to 65, while the required length of service becomes 40 years. The minimal length of service for retirement for army, police and national security servants also rises – 27 years of service.

Another major policy amendment concerning the labour and social security rights of citizens is the increase of the years of service used as a basis for calculation of the compensation for unemployment, maternity leave and illness. Whereas until now the compensation for unemployment and maternity used to be calculated on the basis of the wages received for the last 18 months of employment, with the new amendment the compensation is calculated according to the last 24 months of service. Accordingly, this will seriously affect the sum of the received compensation. The consequences of such an “anti-social” legislative measure are difficult to explain in a time of negative population growth and a seriously aging population. The basis for calculation of the compensations for illness or for vocational rehabilitation of individuals with temporarily decreased work capacity transferred to other jobs for health reasons also rises from 12 to 18 months. There is no change in the size of the social security contributions; however, given the increase of the social security threshold for more than half of all economic activities, both employees and employers will have to pay higher contributions.

Following the amendments to the Electronic Communications Act, mobile operators and in general companies providing public electronic communication networks and/or services for end consumers will no longer be able to renew contracts with their clients automatically. Term contracts will only be prolonged with the client’s express written consent to the terms and conditions of the extended contract. If no such consent is given upon expiry of the contract, the latter automatically becomes a term-less contract on the previous conditions. The subscriber has the right to terminate that term-less contract with a one-month’s advance notice, without owing any contractual penalties. In addition, the subscriber may also, within 7 days of the conclusion of the contract to unilaterally terminate it, without owing any contractual penalties.

The beginning of 2012 will see the start of the specialized criminal court and prosecutor’s office, established for trial of serious crime committed by organized criminal groups and posing societal threat. The advantages of the creation of such institutions were widely debated, but surely remained ambiguous, which is why the expectations concerning the specialized criminal court are so controversial.

Reminder: Have in mind that commercial companies and co-operations, for which no re-registration has been made in time by 31.12.2011 will suffer involuntary discontinuance of their activity starting the 1st of January 2012. Commercial companies and co-operations which are not re-registered do not have the right to carry out commercial activity, bring action, appeal for executory proceedings or conclude deals related to the company’s property,; they will only have the right to make payments of due sums to employees and to also make transfer of amounts so as to cover public obligations of the company. Deals carried out after the 31st of December 2011 with commercial companies and co-operations which have had their activity involuntary discontinued are regarded as invalid.

Law Partnership Tascheva & Partner

Another 3 years Sustainable Partnership between BE and 60K

a.shulekova — Mon, 19 Dec 2011 19:16:56 GMT

South Eastern Europe`s leading BPO and Contact Centre outsourcing company 60K and one of their major clients BE (part of Telefonica O2 in the UK) recently signed a contract for 60K to provide another 3 years of technical and customer service support for BE’s UK customers.

Building a truly valuable partnership is not an easy achievement and both companies have been working together for several years to share their values, goals and best practices to forge the perfect business relationship. In confirmation of this Chris Stening, Managing Director of BE, declares: “I was very skeptical about offshore outsourcers when I arrived at BE a year ago but have been bowled over at the level of quality, value and especially customer service that 60K has delivered. Many of awards BE has won over the last three years can be directly attributed to them. Their people are exceptional and their approach flexible and collaborative with a real partnership approach. After benchmarking others in the area, 60K shone out as offering the best value, service and quality. One of our partners that visited 60K has been so impressed that they are exploring using them for their own business. Outsourcing for me is now far more than an efficiency opportunity – it is the chance to deliver best in class service.”

Commitment, pro-activeness, shared knowledge, mutual dependency, and organizational linkage are some of the main factors defining the sustainability of this partnership. Proof of this is the many awards won by BE and 60K:

Best UK Customer Service 2010 and 2011 (Think Broadband)

Best UK Consumer Fixed Broadband 2010 and 2011 (according to ISPA):

Best EMEA Outsourcing Partnership 2010: Silver Medalists (Contact Center World)

Best EMEA Outsourcing Partnership 2011 (European Call Center Awards): Highly commended award

For the last award 60K were highly commended for their partnership with BE at a gala ceremony in London, attended by representative of the global business world. In connection with this CEO of 60K Jonathan Gladwish commented:

“This commendation is a reflection of the strong relationship we have with BE. This has been developed over the past three years and 60K feel, and are treated as an extension of BE’s organization. Both BE’s management team and 60K’s staff always put BE’s customers first and are renowned in the industry as providing ‘Amazing Customer Service’, which is thanks to the dedication and efforts of all involved!”

More than 120 people dedicated to the BE project are working in 60K and they are all doing a great job in meeting and exceeding the expectations of BE and their customers.

BE is a leader on the British broadband market and has earned a truly formidable reputation as the pro-consumer’s choice - meeting the demands of users who accept nothing less than the fastest, most reliable and bandwidth-rich internet access combined with the best Customer Support in the UK. BE provides an agile, imaginative and refreshing broadband alternative that delivers a very different experience to the one customers are used to.

Being on the market since 2005, BE has built their own network for the latest ADSL 2+ technologies ― from the ground up and being an innovator in technology, BE is now developing a fiber broadband service. The future looks extremely “Rosy” for both BE and 60K with both companies having aggressive growth plans for 2012. To this end, 60K’s pro-active support and partnership, recently added a second contact center to cater for existing customer’s demands and new requirements growth plans. As part of 60K’s 2012 plans the company will be setting up and acquiring further facilities in Europe to bring further support options, languages and back-up.

Securing a Future Action

Law Partnership Tascheva & Partner — Thu, 15 Dec 2011 10:40:23 GMT

By making provision for relief of future claims by way of injunction, the Law provides the creditor with the possibility to secure in advance his future claims against a debtor. The purpose of the procedure is to prevent the debtor from disposing of the property prior or during the legal proceedings to the detriment of the creditor’s interest. Thus, when there is a legal interest for the creditor to prosecute a claim, he can seek from the Court, on the grounds of art.390 of the Civil Code, a cautionary judgment (a preliminary injunction) which secures relief of his claims upon completion of future legal proceedings. The court competent to pronounce itself on the request for injunction (the collateral security measures), is the court within whose generic competence the future claim falls.

In his petition to the court the creditor should state the possible grounds of the future claim / e.g. evidence for collectible receivables, other proofs, etc./, as well as the need for adopting collateral security measures /e.g. the debtor’s refusal to pay, the possible risk that the debtor may dispose of his property to the creditor’s disadvantage, etc./. However, no injunctions are admissible for securing monetary claims against the State, governmental institutions, municipalities and medical-treatment facilities pursuant to art.5, para.1 of the Medical-Treatment Facilities Act. Coercive enforcement of an injunction for a monetary claim through garnishment of the receivables is also not allowed / i.e. un-confiscatable receivables /.

The plaintiff-creditor should specify the type of injunction of the future action being sought and the amount claimed. The injunction measures that can be enforced are as follows: garnishment of the bank accounts of the debtor, injunction of the debtor’s immovable property, imposing a restraint on the use of the debtor’s automobile, suspension of the execution, and any other appropriate measures set by the court. The injunction measure being sought should be adequate to the need for collateral security. This means that if the amount of the debt is small, then it will not be possible to request an injunction over an immovable property as this would be disproportionate to the required collateral security measure given the size of the debt. The court has no right to grant an injunction measure different from the one requested by the plaintiff.

The request is examined in a closed session on the day it is received and is granted if the court decides that the future action is /1/ reasonable and well founded and /2/ there is a need for injunction measures. Having allowed the injunction measures, the court issues an injunctive order / in most cases upon provision of a guarantee by the creditor to the amount of 10% of the price of the action/ and sets a time limit for lodging the future action, which cannot exceed one month. If within that term the plaintiff fails to give proof for bringing a legal action, the court dissolves the injunction.

In cases when the Court of First Instance has not granted an injunction, the plaintiff has the right to appeal to a court of higher instance, in which case a copy of the appeal is not presented to the debtor. The moment the debtor finds out about the injunction is the moment he is served with a notification of the imposed injunction through an official receiver, or through the Registry Agency or the Court as prescribed by the law for the different cases. From that date onward starts the 7-day term within which the debtor can appeal the imposed injunction.

From 01.01.2012 onward EU citizens freely acquire land for a secondary residence and business purposes in Bulgaria

Law Partnership Tascheva & Partner — Thu, 15 Dec 2011 10:33:43 GMT

From 01.01.2012 onward the restriction to acquire land for a secondary residence or for business purposes is annulled for citizens of EU member-states, Norway, Iceland and Lichtenstein who are not permanent residents in Bulgaria, as well as for legal entities registered under the legislation of these states. The restriction was envisaged with the Transitional Measures in Application No 6, Part 3, p.1 of the Treaty of Accession of Bulgaria and Romania 2005 to the EU (Transitional Measures). From this date onward - i.e. 01.01.2012 afore-said physical persons and legal entities will be able to acquire land for living and for business activities on the terms and conditions valid for Bulgarian citizens.

The restrictions on the acquisition of agricultural land and forests by citizens of EU member-states, Norway, Iceland and Lichtenstein, however, will remain in force till 01.01.2014.

Self-employed farmers who are EU citizens and intend to reside permanently in Bulgaria and are also registered as agricultural producers can acquire land and forests on the terms and conditions valid for Bulgarian citizens. Such citizens are not subject to the restrictions envisaged by the Transition Measures.

Given the above possibilities, a number of peculiarities of the Bulgarian legislation should be noted concerning the payment of the purchase price and the taxes due in real estate deals.

In respect of the measures undertaken by the Bulgarian government against money laundering, a law has been enacted restricting cash payments which exceed BGN 15 000 or its equivalent in another currency. Real estate deals at a price higher than BGN 10,000 or its equivalent in another currency fall within the scope of that law too. Such payments have to be made to a notary’s bank account especially provided for this purpose or to any other bank account agreed between the parties.

On the other hand, a physical person or a legal entity acquiring a real estate through purchase at a price higher than BGN 10 000, is under the obligation to declare the origin of the finances to the notary. In case the money for the purchase is a loan made by a physical person or a legal entity that is not a credit institution or bank, then there is the requirement for the purchaser- a physical person or a legal entity- if taxable under the Bulgarian legislation, to declare to the tax authorities every loan which exceeds BGN 10,000 that they have received. The loan has to be declared by the lender, too. With the signing of the Notary Deed for the purchase before a notary, the parties to the deal declare that the price stated in the Notary Deed is the real price of the deal.

The costs for the purchase of a real estate in Bulgaria in all cases include a notary fee, a local tax in favor of the municipality responsible for the district where the real estate is located, and a registration fee for entering the Notary Deed for the purchase in the Property Register. The fees and local taxes are determined by statutory regulations, and the notary fees are estimated as a ratio, whereas the local tax is determined by each municipality to the amount of 0,1% to 3%; the registration fee is a fixed sum of 0,1%. The fees and the local tax are estimated on the basis of the purchase price of the real estate.

Despite the financial crisis 60K is developing rapidly and strongly

a.shulekova — Wed, 30 Nov 2011 15:03:02 GMT

Despite the financial crisis 60K has been developing rapidly for the past year. Bulgaria’s leading independent outsourcing company definitely deserved and has now opened a second home to accommodate its new clients and continued growth from its existing clients.

The new and second contact center is again in Sofia (264 Botevgradsko shose) and is spread over total floor space of 1100 sq meters in a newly built facility providing complete technical, electrical and physical security, which is paramount in protecting 60K’s Clients’ sensitive data. 60K has options over a further 2 floors in the building, each floor of 1100 sq meters to prepare for even further client growth and numbers.

The new office space has 200 fully equipped service representative desks, 5 supervisor’s seats, and spacious conference room.

60K`s existing Contact Center office of over 2500 sq. meters on Kliment Ohridski in Sofia remains fully occupied with clients. With two large and high quality Contact Centers in Sofia – 10 minutes apart, 60K can uniquely offer its international and domestic clients true physical and data back-up and disaster recovery with both Contact Centers fully linked by multiple high speed fiber and in the case of an emergency outage at one center, a smooth and quick bus transportation of agents between centers to keep clients and in turn their clients fully operational.

The new business building opens new opportunities for hiring new team members by offering young people to kick-start their successful careers and experienced customer support people the opportunity to extend their careers at 60K. People who currently work at this new location are typically aged 20-44, multi-lingual and their number has already increased quickly with 60K now totalling over 450 staff working on various projects at both the old and new locations.

60K's agents are working on fast developing projects for Bulgarian and International clients with several new clients again being added in December as well as early next year.

BCCI Encourages Bulgarian-Spanish Cooperation

a.shulekova — Thu, 27 Oct 2011 23:01:37 GMT

The President of the Bulgarian Chamber of Commerce and Industry Tsvetan Simeonov got acquainted with the work of the strategic alliance of Spanish and Bulgarian Companies “Bulgaria 360”, which works to promote bilateral partnership in the process of internationalization and development of business in our country.

The President of the Bulgarian-Spanish Business Council with BCCI Dimitar Pampulov also took part in the meeting, which was held on 25 October 2011 at the Chamber. Francesc Havier Verhano, representative of a company part of the alliance, made an overview of the goals of the organization, which provides assistance and services in the following areas: consultations, finance, investments, technologies, translation and legalization. The organization comprises several companies. “Bulgaria 360” has a direct and proactive approach – directly targeted at customers.

During the meeting BCCI and the Alliance agreed to cooperate actively in order to achieve better understanding of Spanish and Bulgarian markets and in the same time, to meet the needs of companies seeking bilateral cooperation.

Great Success: 60K Recognized in Best Outsourcing Partnership Award Ceremony in London

a.shulekova — Tue, 25 Oct 2011 11:49:42 GMT

Finalists for the Awards are who judges consider to have a very tight and effective client/outsourcer relationship based around clear goals, mutual respect and a high quality multilingual operation with an engaged workforce.

Bulgaria's leading call center 60K has been officially named “highly commended” in the category Best Outsourcing Partnership of 2011 at a glamorous European Call Center Awards ceremony held in the London Hilton on Park Lane. 60K is coming second only to Sitel/Lifescan, two of the biggest companies globally. Other finalists who came in behind 60K were Firstsource & Giffgaff, Gem & Cisco, City Park Technologies & American Express and Ventura & RSPCA.

The European Call Centre Awards formally recognize professional excellence across Europe. Now in its 16th year, the Awards have become a firmly established annual event rewarding the individuals and companies that have made a real impact over the previous 12 months. The Awards are also the sister event to Europe's number one exhibition Call Centre & Customer Management Expo held on October 11-12, which runs at the Earls Court Olympia on the two days surrounding the Awards night. The Head of judges Claudia Hathway defines this expo and awards as "the best and the brightest the industry has to offer."

There were 14 categories to recognize the teams, individuals and the innovation projects within the call centre. Bulgaria-based company 60K was represented by Jonathan Gladwish (CEO) and Ivan Ivanov (COO) along with their guests from two of their Major Clients: Thomas Cook and Be. 60K/Be (part of O2 in UK) were highly commended for their partnership at the gala ceremony, attended by representative of the global business world and over 200 exhibitors:

“This commendation is a reflection of the strong relationship we have with Be. This has been developed over the past three years and 60K feel, and are treated as an extension of Be’s organization. Both Be’s management team and 60K’s staff always put Be’s customers first and are renowned in the industry as providing ‘Amazing Customer Service’, which is thanks to the dedication and efforts of all involved!” mentioned Jon Gladwish. This recommendation together with the other four awards that 60K has received in the first three years of its existence, establishes the company as a force to be reckoned within the outsourcing marketplace.

Legal Measures Limiting Cash Payments

Law Partnership Tascheva & Partner — Mon, 25 Jul 2011 15:57:23 GMT

Legal Measures Limiting Cash Payments

Another attempt of the executive authority in Bulgaria to limit the grey economy

The enactment of the Limitation of Cash Payments Act as of 25th February, 2011 enforces limitation of cash payments in the territory of Bulgaria, in the event the value of the payments is equal to or in excess of BGN 15,000 or if the value is below BGN 15,000 where the payments are part of a financial consideration under a contract the value of which is equal to or in excess of BGN 15,000. These limitations also apply in the cases of payments in foreign currencies where their equivalent in Bulgarian levs is equal to or in excess of BGN 15,000.

Outside the scope of the law are the following cases:

- cash withdrawals/deposits from/to personal payment accounts;

- cash withdrawals/ deposits from/to accounts of legally incompetent individuals or individuals with limited legal competence, spouses or lineal relatives;

- cash transactions in foreign currency by occupation;

- transactions in banknotes and coins a party to which is the Bulgarian National Bank, and the replacement by banks of damaged Bulgarian banknotes and coins;

- payments of employment remuneration in the meaning of the Labour Code.

The motive behind the amendments is the malpractice of cash payments in transactions between legal entities, natural persons and between legal entities and natural persons which remain unaccounted for in the primary accounting documents. This results in tax evasion and non-payment of the obligatory social security contributions.

The enacted law is another case of the executive authority’s effort to limit the grey sector of the economy. The government justifies the imposition of limitation on cash payments as action permissible and desired from the EU Law perspective. As pointed out in paragraph 18 of the preamble of Directive 2005/60/EC of the European Parliament and the Council of 26.10.2005 on the prevention of abuse of the financial system for the purposes of money laundering and funding of terrorism large cash payments have time and again proved to be very vulnerable to money laundering and terrorist financing. The European legislation does not impede, it in fact encourages EU member states to adopt stricter regulations to combat successfully the hazard posed by large cash payments.

As well as the exchange between the civil subjects, the newly adopted law will also influence the tax and the social security system. The budgetary enterprises whose function is to collect revenues and other accounts receivable towards the state budget, must move on in stages to the system of card payments, in an order of sequence and time limits as determined by the Minister of Finance. All banks in the country will service such payments through contracts with the Ministry of Finance, on equal terms and prices. The natural persons and legal entities will not pay bank commissions and fees. These sums will be at the expense of the state budget.

The National Revenue Agency will monitor the observation of the law on the part of the legal entities and the individuals, and will impose serious financial sanctions for the offenders.

Furthermore, amendments also to the Notary Officers and the Notary Activity Act continue this governmental policy which requires that the payments in transactions for the establishment, assignment, alteration or termination of property rights over immovable properties ( e.g. the selling, exchange, or division of real estate, establishing a right of construction, right of use, etc.) that in total exceed BGN 10,000, be made in a special bank account of the notary or in a bank account specified by the parties. These changes to the transactions against payment with immovable properties are in effect from 1st July, 2011.

www.taschevapartner.com

European Grounds for Enforcement of Unchallengeable Receivables

Law Partnership Tascheva & Partner — Mon, 09 May 2011 21:26:09 GMT

European Grounds for Enforcement of Unchallengeable Receivables pursuant to Regulation № 805/2004 of the European Parliament and of the Council of Europe

The State, the Union, the citizens and their legitimate interests, or how the EU opens up new opportunities for the citizens of Europe

The present day legal framework of the European states and of the European Union provides for a rich variety of mechanisms for protection of creditor interests in civil and commercial law relations. In cross-border transactions creditors may protect their interests both through traditional means stipulated in the national jurisdictions and through the provisions of the EU law. This means that there are two levels of legal regulation – the national level and the supranational level, which are in relation to one another. On the higher level is the legal system of the European Union, the norms of which take precedence over the legal systems of the EU member states. With a view to achieving the goals of the EU set forth in the foundation treaties, the authorized institutions of the Community engage in active legislative activity in the field of private law, thus providing regulation on competences, recognition and execution of judgments in commercial and civil law cases pursuant to the primary Regulation No 44/2001, the creation of a European judicial network of civil and commercial lawsuits by Decision of the Council №2001/470/ЕО, introduction of European grounds for enforcement of unchallengeable receivables by Regulation 805/2004, creation of a procedure for an European order for payment under Regulation №1896/2006, and the creation of a European small claims procedure under Regulation № 861/2007. All these European acts open up new horizons before the EU citizens and protect their rights. They provide creditors with additional options which represent a whole new set of instruments in their legal disputes with debtors.

Economic aspects of the problem of unchallengeable receivables

One of the most important problems of private law impacting directly on the economic systems in the modern world is the need for adequate regulation of the collection of undisputed receivables. The significance of the problem calls for regulation given the amount of damages resulting from delayed or thwarted repayments of undisputed receivables. The cumulative effect of such damages may bring about insolvency or other negative economic consequences for the companies, e.g. sustaining the effect of the domino through chains of interdependent liabilities. Provided that the debtor does not object to a given creditor’s claim, it is unwarrantable for the common market of the EU to have superfluous judicial formalities impeding the collection of debt. Accounting for the requirements of the internal market, in the year 1999 in Tampere, the European Council put on the agenda a number of specific goals aimed at catalising cooperation in the field of civil jurisdiction.

Subject matter and place of Regulation 805/2004 within the legal system of the EU

Regulation 805/2004 of the European Parliament and of the Council of 21.04.2004 is made in the spirit of the objectives set forth at the meeting in Tampere, and like most of the other acts in the field of judicial cooperation in civil and commercial lawsuits, it is legally grounded on art.67, para 4 of the Treaty for the functioning of the European Union. The Regulation is aimed at implementing the Community’s goal of creating and expanding the space of freedom, security and justice, which is also in unison with the overarching objective of the Union of maintaining the smooth functioning of the internal market. The EU level regulation abides by the principle of subsidiarity set forth in the foundation treaties, and it governs only those important issues relating to the internal market and the EU policies which the member states cannot settle independently. In addition, the EU level regulation abides by the principle of proportionality which ensures that no excessive measures be taken in implementing the regulation necessary for the achievement of the targeted objectives. The subject matter of the regulation is the introduction of European grounds for enforcement of unchallengeable receivables through the adoption of a set of minimum procedural requirements, through the free movement of verdicts, judicial conventions and public documents across all member states without the need for intermediary legal proceedings for recognition and execution of enforcement in the member state.

Scope of the Regulation

The Regulation applies to civil and commercial lawsuits, regardless of the nature of the court or the tribunal - art.2, para 1. The scope of its application expressly leaves out tax, customs and the administrative lawsuits, as well as cases in which the state is liable for acts of omission and commission in the exercise of state power - acta iure imperii. The regulation does not apply to the civil status and legal capacity of physical persons, property rights ensuing from marriage and family relations, wills and inheritance, procedures relating to company insolvency, concordats and similar procedures, social security and arbitration. There is also a special exemption clause applicable to one of the member states – Denmark. Pursuant to art.3 the regulation applies to judgments, judicial conventions and public documents in relation to unchallengeable receivables.

The receivable is deemed unchallengeable in the following circumstances:

The debtor has expressed consent validated through an agreement approved by the court or concluded in court in the course of legal proceedings – art.3, para 1, letter a); or
The debtor has raised no objection in the course of the legal proceedings under the procedure rules valid in the member state by origin – art.3, para 1, letter b); or
The debtor has not appeared or has not been represented in court in relation to that receivable after he has initially impugned the claim in the course of the legal proceedings, in as much as such behavior is a conclusive acknowledgement of the receivable – art.3, para 1, letter c; or
The debtor has expressly acknowledged the debt in a public document – art.3, para 1, letter d).

The regulation also applies to a judgment delivered on an appeal against judgments, consent judgments or public documents certified as European grounds for enforcement – art.3, para 2.

The possibility for recognition of judgments on unchallengeable receivables in another member state under Regulation 805/2004 does not cancel or exclude the possibility for the creditor to request acknowledgement under the general rules of Regulation 44/2001 – art. 27. In this case the creditor faces alternative possibilities. All the same, the rules of Regulation 805/2004 are more relaxed and free from superfluous formalities, which proves being more effective, fast and economical.

Legal definitions in the regulation

The regulation contains legal definitions of some of the concepts contained therein which substantially simplifies its interpretation. The basic definitions are listed in art.4 of the Regulation, the most important of which are as follows:

”judgment” is any decision rendered by a court in a member state, irrespective of what name that judgment is given, including a decree, order, ruling or a judgment summons, as well as taxation for the costs of a court official;
”receivable” is a money receivable which is subjected to execution or the maturity of which is determined in a court order, judicial convention or a public document;
“public document” is any document formally drawn up or registered as a public document the certification of which is related to the signature and content of the document; same is drawn up by a public or other body authorized to this purpose by the member state, from which it originates; a public document is also deemed an agreement for obligations for support concluded with an administrative organ or endorsed by it;
”member state by origin” is the member state where the decision has been pronounced, the judicial convention has been concluded or approved, or the public document has been drawn up or registered and has been certified as European grounds for enforcement;
”member state of enforcement” is a member state where enforcement of the judgment, judicial convention or the public document has been demanded following certification thereof as European grounds for enforcement;
“court by origin“ is the court approached with the trial as of the date of fulfillment of the conditions under art.3, para 1, letters a), b) or c).

Purpose and nature of the European grounds for enforcement of unchallengeable receivables and legalization of the judgment as European enforcement

The purpose of creating European grounds for enforcement of unchallengeable receivables is to remove whatever procedural formalities and obstacles preventing the enforcement of judgments delivered in a member state other than the member state of the enforcement.This type of procedure should be distinguished from the procedure laid down in Regulation 1896/2006. The latter provides for the creation of a new means for creditor protection – a procedure for a European order for payment, whereas Regulation 805/2004 does not provide for a new procedure but only eases to the extent possible the procedure for enforcement of the national judgments on unchallengeable receivables in all member states (except for Denmark), thus creating European grounds for enforcement and eliminating the need for exequatur. Pursuant to art.5 of the Regulation a judgment certified as European enforcement grounds in the member state by origin is recognized and executed in the other member states without the need for a declaration of execution, which is in contrast to the requirements under Regulation 44/2001, and without a possibility for opposition to its recognition. A judgment on an unchallengeable receivable delivered in a member state is certified as European grounds for enforcement, upon the filing at any moment of an application with the court by origin and after having met all the requirements under the regulation. These requirements demand that the judgment be subjected to execution in the member state by origin, that it not contradict the jurisdictional provisions under chapter 2, sections 3 and 6 of Regulation 44/2001, and that the court procedure in the member state by origin have complied with the minimum procedural requirements under Regulation 805/2004 which guarantee that the document for starting the unchallengeable receivables procedure has been served on the debtor and he/she has been informed about the consequences of failing to file an opposition or appear in court. Should only a part of the judgment be in conformity with the requirements of Regulation 805/2004, there is the possibility for the creditor to demand that only that part of the judgment be certified as European grounds for enforcement. The certificate for European grounds for enforcement is issued in a standard form and in the language of the judgment.

Rectification and withdrawal of a European Enforcement Grounds Certificate and peremptory rule

A certificate for European grounds for enforcement, through a declaration before the court by origin, is:

rectified if, owing to a material error, there is a discrepancy between a judgment and the certificate
withdrawn if it is clear that the certificate has been issued in breach of the provisions of the regulation

Pursuant to art.10, para 4 of the Regulation the issuance of a certificate for European grounds for enforcement is not subject to appeal.

Enforcement

Apart from the rules under the Regulation, the enforcement procedures are laid down by the law of the member state of enforcement. A judgment which is certified as European enforcement will be executed on the same terms as a judgment delivered in the member state of enforcement. The creditor must submit to the competent enforcement authorities in the member state of enforcement a copy of a judgment as well as a copy of a European enforcement certificate which both must conform to the requirements for a standard of proof, and also, if necessary, a copy of the certificate or a translation thereof in the official language of the member state of enforcement. Pursuant to art.20, para 3, a party which demands enforcement of a European enforcement certificate in a member state cannot be subjected to the requirement to provide whatever pledge, agreement or a deposit under whatever name , on the grounds that it is a foreign national, a non-local, or a person who does not reside in the member state of enforcement The judgment or its certification as European grounds for enforcement may under no circumstances be subject to re-consideration in the member state of enforcement. Pursuant to art.29 the member states must collaborate with one another to ensure that the public at large as well as the professional circles are fully informed about the methods and procedures for enforcement in the members states, more specifically, through the European judicial network of civil and commercial lawsuits, created in accordance with Decision 2001/470/ЕО

Judicial conventions and public documents

The certification and execution of judicial conventions and public documents relating to unchallengeable receivables are governed for reasons of expedience by the rules for judgments on undisputed receivables, with some exceptions specified in the Regulation.

Law Partnership Tascheva & Partner

www.taschevapartner.com

Energy Efficiency and Renewable Energy Forum

a.shulekova — Tue, 25 Oct 2011 00:00:00 GMT

Focus in the agenda

Policies for energy efficiency

The new directive of the European Commission about energy efficiency and how Bulgaria will cover the new

Who and how could submit proposals for energy efficiency projects

Which European success stories towards higher energy efficiency could be adopted and implemented in Bulgaria

Energy efficiency of municipalities and buildings

Energy efficiency and opportunities for the municipalities. Successful projects

The JESSICA program and opportunities for public-private partnership

What is an energy efficient building and passive houses? Energy passports

Green business buildings and the benefits from certification

Energy efficiency and the business

How the business can be the forerunner in matters of energy efficiency in Bulgaria? Successful projects

Renewable energy sources

Has the investors' interest increased or decreased after the adoption of the New RES Act – facts and forecasts

What should we expect in 2012 – 2013? – Market development and foreseeable policies for supporting RES

Development and realization of investment projects - a look from the inside and from the outside. Financing

Registration fee: 92.4 euro VAT included

Deadline for registration: 3 November 2011

KOREA-EU Free Trade Agreement – Growing Opportunities for Korea and Bulgaria

a.shulekova — Mon, 24 Oct 2011 00:00:00 GMT

The Atlantic Club of Bulgaria and the Embassy of South Korea in Bulgaria have the pleasure to invite you to a business conference, entitled "KOREA-EU Free Trade Agreement – Growing Opportunities for Korea and Bulgaria". Participation in the conference will involve senior government officials, as well as substantial number of business representatives from Korea and Bulgaria.

The event will take place on October 27th, 2011 at 1:30 p.m. at Sheraton Hotel, Sredetz Hall, Sofia.

Legal Aspects of Starting Up in IT

a.shulekova — Thu, 11 Nov 2010 00:00:00 GMT

“Legal Aspects of Starting Up in IT” is the third of a series of seminars organized by New Balkans Law Office.

The seminar will take place between 6.30pm - 8.00pm on Thursday, 11th November at Sterling Business Centre.

These seminars will offer guidance on the approach a start-up may take to its legal structuring, to the establishment of its first legal relationships (internally and with external counterparties) and on the benefits of protecting the start

up's intellectual property. The series is aimed at budding IT entrepreneurs, and will demystify highly-relevant areas of national and applicable international law, giving some clear initial guidance on how to reach the “investment-ready” stage.

The third in series will focus particularly on trade mark registration and how to manage company growth.

The seminar will include a 30 minute networking opportunity.

Reserve your place by confirming your participation by email to: natalia.corjescu@newbalkanslawoffice.com.

Places for this event are limited to 25.

PRINCE2 Foundation Certificate Programme

p.yancheva — Thu, 14 Oct 2010 23:00:00 GMT

Key element in the PRINCE2 Foundation course will be the PRINCE2 process model using the PRINCE2 Trigger Map. Delegates will be shown how the model is setup, how the different project activities and project roles are linked together and how PRINCE2 deals with exceptions that are imminent to occur in any kind of project.

CEE-SPI and EuroMed SPI conference

p.yancheva — Thu, 14 Oct 2010 23:00:00 GMT

Challenges for the IT business in the region.

Source: http://www.eventbox.bg/events/834

Third International Conference: Enеrgy and Climate Changes. Management and Conservation of CO2

p.yancheva — Thu, 14 Oct 2010 23:00:00 GMT

The purpose of the conference is to gather experts, managers and representatves of responsible institutions from CEE region who could help solving the climate problems, connected with energy.

DevReach 2010 Conference

p.yancheva — Thu, 14 Oct 2010 23:00:00 GMT

The fifth edition of the most significant technical conference for Microsoft technologies in the CEE region.

Source: http://www.eventbox.bg/events/669

Best practices in transport with NaviTrans - vertical ERP solution for transport, spedition and logistic companies

p.yancheva — Sun, 10 Oct 2010 23:00:00 GMT

Best practices in transport with NaviTrans - vertical ERP solution for transport, spedition and logistic companies

Seminar: "Opportunities for increasing the energy efficiency of the companies"

p.yancheva — Sun, 10 Oct 2010 23:00:00 GMT

"Opportunities for increasing the energy efficiency of the companies"

Rising Opportunities - 1st Russian Bulgarian Solar Business Forum

p.yancheva — Sun, 10 Oct 2010 23:00:00 GMT

"Rising Opportunities - 1st Russian Bulgarian Solar Business Forum" will give an excellent opportunity to accelerate and boost the Solar market development in Bulgaria by attracting the Russian industry and investors and will help to create synergies between Russian and Bulgarian Solar business for the mutual benefits.

Balkan Property Exhibition

p.yancheva — Wed, 06 Oct 2010 23:00:00 GMT

Balkan Property Exhibition (BALPEX) offers a perfect platform for promoting the latest products and services in the real estate industry: sales or rental of houses and summer villas, apartments and apartment complexes, hotels and hotel complexes, business properties including offices and commercial spaces, agricultural land; private properties; financial, insurance, planning and design services; property management, brokerage, consultancy and business development.

Conference "Mergers and Acquisitions in the Region"

p.yancheva — Wed, 06 Oct 2010 23:00:00 GMT

The purpose of the third annual forum "Mergers and Acquisitions in Bulgaria and the Region" organized by Capital is to become a platform for exchange of information, ideas and contacts between consultants, companies and funds.

Besides presenting useful information for the latest trends in the sector, the event will create opportunities for establishing contacts between entrepreneurs and investors.

Main aspects to be discussed:

- Which are the opportunities for growth through acquisitions?

- How could I sell part of the assets of my company on a global level?

- Which are the new investors in South-East Europe?

Expolight

a.pavlova — Fri, 02 Oct 2009 23:00:00 GMT

The latest innovations and achievements in the field of lighting. Exhibitors from different countries will present their products. The International Specialised Exhibition EXPOLIGHT will present not only technical innovations and vanguard solutions, but also qualified and professional assistance from design to realisation, responding to the highest requirements for safety, comfort and effectiveness.

Link

Sihre

jeni — Fri, 25 Sep 2009 23:00:00 GMT

Specialized exhibition for hotel, restaurant and spa equipment and furniture

LINK