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“Unfortunately, the political situation in Bulgaria is somewhat fragile,“ says Victor Gugushev, Partner at Gugushev & Partners in Sofia. “Parliament made changes to the legislation regarding the gambling industry, but it based its decision on unclear grounds and motives.“ In addition, he says the National Lottery of Bulgaria is set to be “practically nationalized“ which could have a serious impact on the economy. “For the past three or four years, the taxes paid by the National Lottery amounted to almost a quarter billion euros. I’m not commenting whether that is right or wrong, but I am concerned about the way it was done and the agenda behind it,“ he says.

Pursuant to the Bulgarian Accountancy Act (Закон за счетоводството) companies must publish in the Commercial Register and Register for Nonprofit Legal Entities ("Commercial Register") their annual financial statements by 30 June of the calendar year following the reported period. Companies which have not carried out any activity during the reported period are exempt from this obligation. Prerequisite for the exemption is that the company's lack of activity is expressly declared before the Commercial Register.

From 1 January 2020, the Bulgarian Commission for the Protection of Competition (the "CPC") has been applying new merger filing guidelines (the "Guidelines"). The former guidelines, applied for more than ten years, did not differentiate between transactions (simpler or more complex) irrespectively of their potential competition concerns. This unified approach was unnecessarily bureaucratic with regard to concentrations with insignificant market effect (i.e. insignificant combined shares of the parties), which required a detailed merger filing only because the parties' turnover reached the statutory thresholds. At the same time, the former guidelines did not seem extensive enough for more complicated transactions (with substantial market shares of the parties), and it was not unusual for the CPC to send to the parties several requests for additional information to assess and clear a concentration. Naturally, this approach led to delays both in simpler and more complex transactions.

Kinstellar has advised GTC on its lease of of 4,000 square meters in the Advance Business Center II, an office building in Sofia, Bulgaria, that is expected to open near the end of this year.

Georgiev, Todorov & Co has successfully defended the interests of Multi-profile Hospital for Active Treatment Doverie against Bulgaria's National Health Insurance Fund in a dispute involving payment for medical care provided by the hospital to health-insured persons above the limits set by the NHIF.

DGKV has successfully defended the interests of Mayoral Moda Infantil S.A. and its Bulgarian subsidiary Mayoral Bulgaria EOOD before the Bulgarian Commission for Protection of Competition in a case brought by their commercial partner, Comsed, involving allegations of superior bargaining position.

Why would anyone knowingly become a law firm marketing specialist – a role that is demanding, complicated, challenging, and stressful? To explore this mystery, we went to the source. Accordingly, this time around we asked the law firm marketing specialists of CEE to complete the following question: “I went into Law Firm Marketing/BD as a career because ____________.“

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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