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Employment contracts can only be terminated on specific grounds listed in the Bulgarian Labor Code. There are over 50 grounds for termination, each with its unique facts, documents, and procedures.

Djingov Gouginski Kyutchukov & Velichkov has advised Nasekomo on the closing of its EUR 8 million Series A equity investment round led by Invenio Partners. DGKV also advised Invenio Partners on the deal.

Did you know that while only five lawyers worked on ten or more CEE client matters reported by CEE Legal Matters in 2022, a total of fourteen lawyers reached that level in 2023? The 2023 leaderboard was led by Milos Felgr of Clifford Chance in Prague, who worked on a remarkable 20 CEELM-reported client matters last year, with Alper Onar of Istanbul’s Aksan Law Firm, who worked on 19, close behind. Fellow Turk Kerem Turunc, the Managing Partner of Turunc, worked on 17 reported deals, while Djordje Nikolic of NKO Partners in Belgrade worked on 16, and Tomasz Rogalski of Norton Rose Fulbright in Warsaw worked on 15.

On 30 November 2023 Bulgarian Commission for Protection of Competition (the “CPC”) finally published draft of new decision on group exemption of certain categories of agreements, decisions and concerted practices with effect on national markets (the ”Draft”), such as: vertical agreements and practices, agreements and practices in the motor vehicle sector, specialisation and R&D agreements and practices as well as agreements for transfer of technologies, from the ban under article 15 (1) of the Competition Protection Act (the “CPA”). The latter reflects article 101 (1) of the TFEU.

After a few years of political struggle, Bulgaria seems to be on a good path, with interesting legislative updates on the horizon and promising M&A activity levels, spurred primarily by strong activity in the energy and IT sectors, according to KDBM Law Founding Partner Dimitar Kaldamukov.

Cryptocurrency has been gaining momentum in the recent decade all over the world, including Bulgaria. On one hand, the development of block chain technology and the wide spreading digitalisation in almost every sphere of human life reasonably produced new revolutionary payment means along with the traditional good old money. On the other hand, cryptocurrency rapidly became a symbol of freedom as not being issued and accepted by any central bank or credit institution as well as being easily accessible via Internet literally by every person.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and keep our readers apprised of the latest developments impacting their respective practice areas.

In The Corner Office, we ask Managing Partners at law firms across Central and Eastern Europe about their backgrounds, strategies, and responsibilities. With 2023 marching to an end, we looked ahead and asked about strategies for next year: As the budgeting period is around the corner, compared to 2023, what are the main budgeting lines you expect to increase for 2024 and why?

The sweeping digital transformation has significantly changed the economic and financial landscape, and at the heart of this change is the emerging phenomenon of cryptocurrencies. With this innovative fusion of finance and technology, the pertinent question of how to tax these new assets arises. Bulgaria, like its global counterparts, is grappling with the complexities of this issue. Dive in for an in-depth look at Bulgaria’s approach to taxing crypto assets.

Norton Rose Fulbright has advised Inter Cars on the extension, increase, and reorganization of its senior facilities in the aggregate amount of approximately PLN 2.54 billion (USD 642 million). Kinstellar, Magnusson, Kelemenis, and Glimstedt reportedly advised on the matter as well.

Bulgaria Knowledge Partner

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu

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