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DGKV Facilitates Recognition and Enforcement of VIAC Award in Bulgaria

DGKV Facilitates Recognition and Enforcement of VIAC Award in Bulgaria

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DGKV has successfully persuaded the Bulgarian courts to recognize and enforce an award in favor of Sandvik Bulgaria EOOD resulting from arbitration against Bulgaria's state-owned Montagi EAD arising from a contract for erection of coal and lime stone storage and handling systems at Bulgaria's Maritza East 1 power station.

According to DGKV, the firm "achiev[ed] a new victory in a rare procedure for recognition and enforcement in Bulgaria of a foreign arbitral award delivered by an arbitration panel in arbitration proceedings under the auspices of the Vienna International Arbitral Centre (VIAC)."

The VIAC panel rendered its award in Sandvik's favor, but after failing to receive any payments from Montagi, Sandvik took steps to enforce the award in Bulgaria. According to DGKV, "by [its] Decision of 11 April 2017 the Sofia Appellate Court confirmed the first instance court decision by which the VIAC’s Arbitral Award was recognized and its enforcement in Bulgaria was allowed. The court dismissed all of Montagi's arguments [regarding the alleged] invalidity of the arbitration agreement and breach of public policy [as purported grounds] for resisting the recognition of the award under the New York convention."

The DKGV team was led by Partner Angel Ganev and Associate Vlada Tsenova.

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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