The leading bankruptcy practice of Borislav Boyanov & Co. is focused on bankruptcy proceedings against Bulgarian banks and companies and acquisition of assets and on-going business of insolvent companies. The volume of work handled by the firm continues to expand, rendering services predominantly to foreign companies or their Bulgarian subsidiaries. The Bankruptcy Practice is closely related to the Banking, Finance, Commercial, Property and Litigation Practices, as far as the success in this area requires complex knowledge and experience. We assist our clients in the enforcement of their rights against the insolvent entity, and in structuring their claims in the most effective and safe manner. Our services in this area include:
assisting banks and other corporate lenders in taking effective security of their claims
advising banks and other corporate lenders on the enforcement of security and other rights against borrowers
pre-bankruptcy negotiations and rescheduling of debt
preparation and filing applications for the initiation of bankruptcy proceedings
advising on all aspects of the litigation by or against the insolvent entity
representation of creditors in bankruptcy proceedings including representation at Creditors' Meetings and Committees
advising on and preparation of rehabilitation plans
advising on arrangements with creditors, property issues and bankruptcy problems on the financial markets
advising on debt - for - equity swaps, debt - for - debt swaps and similar
advising on and assistance in the implementation of liquidation plans including the purchase (sale) of the on-going business and/or assets of the insolvent entity
collection and repatriation of proceeds from the liquidation of the bankruptcy estate
advising directors on their duties in relation to possible bankruptcy
The firms practice is noted for both the quality of the work undertaken and its broad range. Over the last years the firms lawyers have worked on many of the largest and most complex bankruptcy cases in Bulgaria. As an example: Borislav Boyanov & Co.
represented and assisted 14 creditors holding over 65% of the claims of foreign banks against Mineralbank and Economic Bank, two of the largest state-owned commercial banks. Borislav Boyanov & Co. provided legal assistance to the Spanish credit insurance agency (CESCE) and the Italian state owned foreign credits insurance agency SACE in connection with the transformation of their claims into state debt. The firm has been representing some of the largest foreign creditors of Balkan Bulgarian Airlines.
Bulgarian Business Fear Wave of Bankruptcy in EU
Bulgarian businesses are afraid of a wave of bankruptcies once the country is in EU and also a possible delay of the entry by a year.
These and other apprehensions of 1000 senior managers from various economic sectors were reflected in the annual survey Business Barometer carried out by an association of university professors.
Some 30% of approached managers said they do believe in the enlarged opportunities once Bulgaria gets access to the EU common market, but a total of 37.3% feared Bulgarian business would be incompatible to their European peers.
The percentage of optimists believing in their equal competitive potential stood at 4.2%.
Nearly half of respondents - 44.6% - said the EU entry of the country would produce a wave of bankrupt enterprises here against 3.9% more optimistically thinking businessmen. More than 50% of approached however appeared to be not categorical whether the accession would be more advantageous than disadvantageous to local competitiveness.
The percentage of pessimism concerning the date of Bulgaria's entry to the bloc appeared to be higher than that of optimistic views, as 44.2% expected the country would be delayed for 2008. On the other belief were found to be 42.9% of respondents who are more prone to think Bulgaria will become a EU member on 1 January 2007.