The International Comparative Legal Guides (ICLG) series by Global Legal Group provides “current and practical comparative legal
information on a range of practice areas.”
The series covers 33 jurisdictions for real estate, and reviews different topics in real estate law, including ownership, real estate rights, system of registration, the registry or registries in a given jurisdiction, the real estate markets of such jurisdictions and the liabilities of buyers and sellers in real estate transactions.
This article appeared in the 2016 edition of The International Comparative Legal Guide to Real Estate, published by Global Legal Group Ltd, London.
An ~€1M claim on behalf of real estate consultants
NBLO’s dispute resolution lawyers represented UK-based real estate consultants who had structured a € 40-million-worth commercial property project on the Bulgarian Black Sea coast. In breach of an applicable contractual obligation, the consultants had not been paid the agreed success fees for their services. The then director of the defaulting party had been tragically shot dead in the meantime.
Following a hotly contested first instance, with below-the-belt attempts by the other side (the least untypical perhaps being the claim that the contract had been a forgery and a trial-within-a-trial on the issue), our team succeeded in obtaining a judgment at first instance. The parties were then able to achieve a significant settlement.
The key skills we were able to bring to bear in providing a solution included searching for solutions across the problem domain; appropriately involving representatives of Bulgaria’s EU partner member-states to buttress judicial independence; and resourcefully dealing with heterodox approaches by our judicial opponents.
© New Balkans Law Office 2019