Archive for June, 2017

Borislav Boyanov is the Only Bulgarian Lawyer Nominated by Who’s Who Legal: M&A and Governance 2017

Thursday, June 15th, 2017

Our Managing Partner, Mr. Borislav Boyanov, remains the only Bulgarian legal practitioner who’s earned inclusion in the Who’s Who Legal – M&A and Governance 2017 guide. He is highlighted to be among the standout lawyers from around the world known for their abilities and expertise assisting clients with high-value M&A transactions, equity deals, joint ventures, shareholder issues, governance matters and other aspects of company law.

Based on the opinions of law firm clients and M&A and governance experts, each year Who’s Who Legal publishes listings of individuals and firms that have performed exceptionally well. This year results are fruit of a month long in-depth marketplace research of the corporate transactions, covering 1407 lawyers from 459 firms and 85 countries. The names and contact details of all experts whose nominations are accepted are listed without charge.

Who’s Who Legal is a publication of the Law Business Research, an international legal publishing company based in London doing research and business law analysis.


BOYANOV & Co. Advises NBG on the Sale of United Bulgarian Bank and Interlease to KBC

Wednesday, June 14th, 2017

Freshfields together with BOYANOV & Co. as local counsel advised NBG on the biggest banking deal of 2016 – the sale of United Bulgarian Bank and Interlease to KBC for a total consideration of EUR 610 million. On 13 June 2017 the sale of the Bulgarian NBG group entities was successfully closed after a year of preparation including buyer due diligence analysis, regulatory notifications and permissions, and preliminary internal ownership reorganization. The acquisition of fourth-largest bank in Bulgaria significantly strengthens KBC’s position on the local market.

The complexity of transactions involved the consolidation within the UBB group and the indirect acquisition by KBC of the insurance, insurance brokerage, asset management, leasing and factoring businesses, as well as loan investments of NBG Group in Bulgaria.

BOYANOV & Co.’s team on the deal is led by the Managing Partner Borislav Boyanov, Svetlina Kortenska, Counsel and Ilina Maltzeva, Associate.


Boyanov & Co. Advises on the First University Acquisition in Bulgaria

Friday, June 9th, 2017

BOYANOV & Co. advised Investor.BG (Investor Media Group) in the acquisition of majority stake in VUZF AD, the founder and owner of the University of Finance, Business and Entrepreneurship, based in Sofia, Bulgaria (

Investor Media Group is one of the largest media groups in Bulgaria. Its portfolio includes the national television Bulgaria ON AIR, the business TV channel Bloomberg TV Bulgaria, over 15 various online media and websites, radio Bulgaria ON AIR, as well as the magazines Bulgaria ON AIR The Inflight Magazine, Investor Digest and others.

The transaction is the first university acquisition in Bulgaria and establishes unique strategic partnership between the leading Bulgarian private university and one of the serious business media groups in Bulgaria. This landmark investment is part of the long-term strategy of Investor.BG to develop and support high-quality educational standards in Bulgaria. The transaction is a complex of corporate, financial, real estate and education law elements.

The team of Boyanov & Co. comprised Mr. Borislav Boyanov, Mr. Boyko Voynov, and Mr. Nikolay Zisov, Partners.

ECJ interprets financial collateral on bank accounts

Wednesday, June 7th, 2017

In November 2016 the European Court of Justice (ECJ) issued a preliminary ruling on the interpretation of the Financial Collateral Arrangements Directive (the FCA Directive).

In that ruling (which is the first ECJ ruling on the FCA Directive) the ECJ held inter alia that the requirement under the FCA Directive that the collateral must be “in the possession” or “under the control” of the collateral taker means that the collateral taker must have not only practical control over the account, but also the right to prevent the withdrawal of cash by the collateral provider in so far as is necessary to guarantee the relevant obligations.

What that means for lenders who want to take a financial collateral over a bank account is that the lenders should have a contractual right (enforceable also against the bank where the account is held) to limit withdrawal of funds from the account, if such withdrawal is contrary to the contractual restrictions in the financial collateral agreement. The account bank should also agree not to allow withdrawals without consent of the collateral taker. Without this there is a significant risk that the financial collateral will be void or unenforceable.

In addition the ECJ ruling makes it clear that, although the financial collateral is generally “insolvency-safe” (i.e. the ability of the collateral taker to enforce the financial collateral by withdrawing cash from the account despite the commencement of insolvency proceedings in respect of the collateral provider) it does not protect any cash that was transferred to the account after the commencement of the insolvency proceedings of the collateral provider. So the financial collateral applies only to the cash which was in the account prior to the commencement of the insolvency proceedings of the collateral provider (and at the latest on the day of commencement of the insolvency proceedings if the collateral taker was not aware and could not have been aware of such commencement).

Further the ECJ ruling confirms that the obligations secured by the collateral may consist of or include future obligations, including obligations arising under a master agreement or similar arrangement or obligations of a specified class or kind arising from time to time.

What this means for borrowers is that when they give financial collateral for a debt they should make sure that the financial collateral secures also any potential future refinancing of the debt. This would save them the costs of creating new financial collateral over the same assets for a refinancing of the original debt.


Borislav Boyanov Named the Market Maker for Bulgaria

Monday, June 5th, 2017

On June 1, 2017, at a special awards ceremony at the Intercontinental Hotel in Warsaw, Borislav Boyanov was named the Market Maker for Bulgaria, a special lifetime achievement award given to the senior lawyer identified by peers as having played the most influential and significant role in creating the country’s modern legal market.

The Market Makers awards were conceived of, designed, and presented by CEE Legal Matters — the widely-read source of news and information about the lawyers and legal markets of Central and Eastern Europe — at the Gala Dinner of the CEE GC Summit, an annual two-day gathering of General Counsel and Heads of Legal from across the region. The editors of CEE Legal Matters conducted research across the region to identify the lawyers who would receive the Market Maker awards for each CEE country, inviting them to the special ceremony.

David Stuckey, Executive Editor of CEE Legal Matters, commented on the night’s events: “Having so many of the most influential, widely-recognized, highly-respected, and outrageously talented lawyers from across Central and Eastern Europe in one room was a special thrill. These lawyers did not just play a passive role in the transformation of their markets — to a large extent they made that transformation happen. In the course of our research in these 22 markets we discovered the Market Makers to be uniformly recognized for their intelligence, commercial instincts, business savvy, and dedication to the countries they live in. And, of course, their success and the reputation they’ve established over many decades is an obvious testament to their abilities, skill, and commitment to the highest standards of ethical advocacy. We were honored to have them join us last night, and proud to have brought them together for this one special evening.”

Picture 01CEE Legal Matters Market Maker For Bulgaria

BOYANOV & Co. Awarded the Best Capital Markets Law Firm 2017 – Balkans by Wealth & Finance International

Friday, June 2nd, 2017

BOYANOV & Co. has been announced the winner of Alternative Investment Awards 2017 and is recognized as the Best Capital Markets Best Law Firm 2017 – Balkans by Wealth & Finance INTL.

Wealth & Finance INTL is a monthly publication dedicated to providing fund managers and investors around the world with the latest industry news across traditional and alternative investment sectors.

Alternative Investment Awards cast a light on the individuals, firms and departments from across all sectors that have played a part in shaping this dynamic and imitable industry. These awards are not concerned with a firm’s size of reputation, but rather their dedication to client service, innovation and success. From multinational companies to individual investors the awards are seeking everyone within this industry investing in everything, from collectable items, fine art and wines, property and precious metals, whose hard work and professionalism is changing the financial landscape for the better.

The winners are decided by a combination of votes of respected industry partners and an in-house research scrutinizing nominee’s region, their performance over the past 12 months, their commitment to innovation, their methods and even their competition, to ensure that only the most deserving names walk away with one of the prestigious trophies.