Archive for October, 2005

New Penal Procedure Code

Friday, October 28th, 2005

The new Penal Procedure Code (“PPC”) was promulgated in the State Gazette today, October 28, 2005. The new code will enter into force six months after its promulgation, i.e. on March 29, 2006. The adoption of the new PPC was considered to be one of the preconditions for a positive final opinion of the European Commission on the accession of Bulgaria into the EU on January 1, 2007.

S&P Upgrades Bulgaria’s Rating to BBB

Friday, October 28th, 2005

The international ratings agency Standard & Poors reported on its website on Thursday, October 27 that it had upgraded Bulgaria’s long-term foreign currency sovereign credit rating to BBB from BBB- based upon a reduction in the government debt burden and prudent fiscal policies. Standard & Poor’s Ratings Services at the same time raised Bulgaria’s long- and short-term local currency sovereign ratings to ‘BBB+/A-2′ from ‘BBB/A-3′, and the ‘A-3′ short-term foreign currency rating was affirmed. The foreign currency outlook is positive. The local currency outlook is stable. The S&P credit analyst stated in particular that “the upward rating momentum is also supported by Bulgaria’s impending EU accession, which will help to lock in structural reforms and pave the way for Eurozone membership.”

Public Discussion on the Draft Law on the Commercial Register

Tuesday, October 25th, 2005

The public discussion held on October 21, 2005 was organized jointly by the Project for Commercial Law Reform of the US Agency for International Development (USAID) and the Center for the Study of Democracy with the cooperation of the Register Agency at the Ministry of Justice of the Republic of Bulgaria. Mrs. Kina Chuturkova, Partner, Borislav Boyanov & Co., represented the position of the American Chamber of Commerce in Bulgaria in support of the draft law. The proposed draft essentially envisages the removal of the Commercial Register from the district courts and its organization as an electronic register to become in future a part of the national Unified Electronic Register. At the discussion, representatives of business organizations and the Judiciary strongly supported the proposed reform and agreed to further coordinate their efforts for speedy improvement of the draft law and its prompt submission as a legislative proposal to Parliament.

Emmis Communications Corporation Acquired Controlling Interest in the Radio Group FM+

Thursday, October 20th, 2005

The U.S. media company Emmis Communications Corporation acquired a 66.5% stake in the local radio group FM+. In addition to the direct shareholding participation in FM+ Emmis also acquired indirect participation in Fresh radio statition. The transaction has been approved by the Bulgarian regulatory authorities. This is the pioneering investment of Emmis in Bulgaria.

Borislav Boyanov & Co.’s Participation in the IBA Conference in Prague on 25-30 September

Thursday, October 6th, 2005

Mr. Borislav Boyanov, Managing Partner, and Mrs. Kina Chuturkova, Partner, of Borislav Boyanov & Co. took part in the International Bar Association (the “IBA”) Conference held in Prague on 25-30 September 2005. The event was opened by the President of the Czech Republic, Dr. Vaclav Klaus. At the conference, Mr. Boyanov who is a Co-Chair of the European Forum of the IBA, presided the session “The Real Estate Boom in Central and Eastern Europe” which dealt with the relevant national laws and procedures applicable to the real estate markets in the region. Mrs. Chuturkova was a speaker at the session “Dispute Resolution Clauses – a Practical Approach” – an interactive session with panelists with expertise in litigation, arbitration and alternative dispute resolution.