13 March 2014
In February 2014, New Balkans Law Office successfully completed two further property disputes between British-based individual buyers of Bulgarian properties and two major Bulgarian construction companies. The properties which were the subject of the disputes were near the ski resorts of Bansko and Pamporovo in the South of Bulgaria. One of the cases was heard by the Arbitration Court of the Bulgarian Chamber of Commerce and Industry, while the other by the District Court of Haskovo.
Attorney Stoyan Petkov led NBLO’s dispute resolution team in these two cases.
The total size of our clients’ claims was in excess of EUR 320,000.
In both disputes, the defendants had failed to honour what they had agreed under contracts with the buyers, namely – had failed to complete all construction and finishing works on the contractual time schedule.
In one of the cases, the legal issues were aggravated by the interposition of an offshore company between the developer and the buyers, to which all payments of the purchase monies had been ordered over time. This posed complex issues of proof and causation under Bulgarian law.
However, in both cases the judge and arbitrator honoured NBLO’s submissions via Mr Petkov on behalf of the Claimants and found in favour if the claimants.
New Balkans Law Office regularly acts for clients involved in real estate related disputes surrounding prior purchases of Bulgarian properties. We have a very strong track record of success in these property disputes, and have achieved favourable results for several hundred individuals since the mid-2000s when the booming interest and construction of Bulgarian property began.
Logica plc, now part of CGI, a consultancy & outsourcing business
NBLO has provided broad support to Logica’s CEE regional head office, including on the validity of certain commercial agreements and proposed agreements and on effecting various company secretarial actions. Our commercial work for this client is representative of our time-sensitive non-contentious practice. The firm’s emphasis on an integrated cross-jurisdictional approach and dual-qualified staff have also proven valuable in dealing with the need for valid certification by senior UK-based directors and the resignation of other UK-based individual directors who were no longer available and/or willing to execute documentation.
© New Balkans Law Office 2017