Measures concerning the insolvency framework

The  objective of this reform is to introduce new measures aimed at increasing the efficiency of insolvency and restructuring procedures.  

As a first step in the refom, Bulgaria adopted legislative amendments to the Commercial Law in transposition of Directive (EU) 2019/1023 to reform insolvency and restructuring procedures and ensure the use of electronic means in insolvency, restructuring and discharge of debt procedures, as well as provide for stricter regulation of the profession of insolvency practitioners, early warning tools, duties of the directors in case of likelihood of insolvency and legal guarantees for traders to register the actual management addresses when registering companies.

The law was adopted by the Parliament on 20 July 2023 and entered nto force on 5 August 2023.  

Further steps in the reform covered implementation measures, including organising trainings, upgrading electronic tools, entry into force of legal acts on the different procedures, as well as statistical data publication.

The implementation of the reform has been completed.

Additional links:

• https://aistn.mjs.bg/statistics-and-reports/46884f5d-a033-49ea-a533-7200f8e83834