BOYANOV & Co. contributed to the sixteenth edition of Getting the Deal Through – Mergers & Acquisitions, published by Law Business Research Ltd 2015, London. The Bulgarian chapter below was contributed by Mr. Yordan Naydenov, Partner and Head of Corporate and M&A at BOYANOV & Co. and Mr. Angel Angelov, Senior Associate at the firm. The chapter provides summary of M&A transactional requirements and procedures in their jurisdictions, covering such areas as: types of business combination, applicable legislation, filings and public disclosure requirements, substantial shareholding regulations, duties of directors and controlling shareholders, shareholder rights of approval and appraisal, hostile transactions, break-up fees and frustration of additional bidders, governmental influence on transactions, conditional offers, minority squeeze-out, cross-border transactions, waiting and notification periods, tax issues and labour and employee benefits.
Archive for July, 2015
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“These lawyers are consistent in the quality of their work and careful not to let anyone down.” “A well-built, impressive team, which is consistent in its advice and manages expectations well. Chambers Europe
Borislav Boyanov is Nominated Again this Year as One of the World’s Leading Practitioners in Who’s Who Legal: M&A and Governance 2015Wednesday, July 8th, 2015
Mr. Borislav Boyanov, Managing Partner at BOYANOV & Co., is the only Bulgarian lawyer regularly nominated by his peers as one of the world’s leading practitioners in the field of M&A and Governance by Who’s Who Legal.
Who’s Who Legal: M&A and Governance 2015, published by Law Business Research Ltd., is a result of the opinions of law firm clients and M&A and governance lawyers from around the world. The research has revealed 1440 experts in 82 jurisdictions who are considered leaders in the field of M&A and Governance.
With a court decision dated today, 3 July 2015, Sofia Court of Appeals has determined that the so called “initial date of insolvency” of Corporate Commercial Bank (“KTB”) was 20 June 2014 (being the date, on which the Bulgarian National Bank (the “BNB”) placed KTB under special supervision) rather than 6 November 2014 (being the date when the BNB withdrew KTB’s banking license) as was initially determined by Sofia City Court (being the court competent to review the insolvency petition for KTB).
Sofia Court of Appeals acted as a second instance upon on appeals filed by, among others, the BNB against the decision of Sofia City Court which opened the insolvency of KTB and determined 6 November 2014 as the initial date of its de facto insolvency (the BNB itself claimed that the initial date of the de facto insolvency of KTB was 30 September 2014, being the date when the negative equity of KTB had been accounted for in its accounts).
Sofia Court of Appeals took the view that, insofar as nothing substantial had changed in the financial status of KTB in the period from 20 June 2014 (when KTB was placed under special supervision and all its activities had been suspended) till 30 September 2014 (when the negative equity of KTB determined by the three independent auditors appointed by the BNB to investigate the financial situation of KTB during its special supervision was accounted in the accounts of KTB) KTB was de facto in insolvency at least on 20 June 2014.