Insolvency and Restructuring
Legal assistance in insolvency proceedings — creditor protection, insolvency management and debt restructuring.
Insolvency and restructuring are complex legal proceedings with numerous procedural steps and tight deadlines. Global Lex Consulting provides specialised legal assistance to all participants in these proceedings — debtors, creditors and third parties.
We advise creditors on filing claims in insolvency proceedings, challenging trustee decisions and participating in creditors' meetings. We represent debtors in insolvency declaration proceedings and in negotiations for out-of-court debt restructuring.
We also have experience in defending against challenges (Paulian actions) to disposal transactions made prior to the opening of insolvency proceedings.
What our work includes
- Filing claims in insolvency proceedings
- Representation of creditors in meetings
- Advisory to debtors on insolvency proceedings
- Negotiations for out-of-court restructuring
- Defence against Paulian actions and transaction challenges
- Challenging decisions in insolvency proceedings
- Advisory on personal insolvency
Do you have a question or need legal assistance in this area?
Book a consultationFrequently Asked Questions
- When can insolvency proceedings be initiated against a Bulgarian company?
- Insolvency proceedings can be opened when a company is insolvent (cannot meet its current payment obligations) or over-indebted (liabilities exceed assets). A petition can be filed by the company itself, by a creditor with a due and unpaid claim, or by the National Revenue Agency for tax debts. Bulgarian insolvency law (Commercial Act, Part IV) requires the court to appoint an insolvency administrator within 3 months of the opening date.
- How are creditors' rights protected in Bulgarian insolvency proceedings?
- Creditors must file their claims with the insolvency administrator within 1 month of the announcement of proceedings in the Commercial Register. Late claims may still be admitted within 2 further months but rank after timely creditors. Claims are ranked by law: secured creditors (mortgages, pledges) rank first over specific assets, followed by employment claims, then unsecured creditors. Creditors form a committee to oversee the administrator.
- How can I get legal help with insolvency law in Bulgaria?
- Contact us at +359 886 459 935 or Office.GlobalLexConsulting@proton.me. We offer a free initial consultation on your case.
Do you need legal assistance?
Contact us for a free initial consultation on your case.
Book a consultation