Petro Tyufekchiev
Managing Associate
Post-qualification and prior to joining NBLO, Petro worked for two years in a fast-paced litigation boutique, where he was responsible for the management of a substantial caseload and a number of paralegal colleagues. Following this, he was a part of the legal team of DSK Bank AD (a large Bulgarian credit institution) where he was responsible for generating internal advice on commercial, corporate and banking law matters. During his professional path, Petro worked for Kaufland Bulgaria where he was a Data Protection Officer and also advised on commercial and corporate legal matters.
Qualifications: Sofia University, LL.M.
Languages Spoken: Bulgarian and English
Office Location: Sofia
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Corporate and M&A
Overview Corporate and M&A work is central to our practice, supporting clients through complex commercial change and strategic business decisions. We advise corporate groups, founders, financial investors and management teams on a wide spectrum of matters, including company reorganisations, strategic investments, acquisitions and disposals, and joint ventures. Our approach is grounded in an understanding of […]
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Corporate Tax
Tax policies and corporate tax regulations are always of strategic importance to our clients in conducting their business and investment. Tax is a major concern for all businesses and individuals. There are tax related aspects in each transaction and business venture, both at the stage of its structuring and set-up, as well as in the […]
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Private Companies
Advising privately owned companies is a core part of our corporate and commercial practice. We work closely with founders, families, and long-term investors across a wide range of industries, providing legal guidance that supports sound governance and sustainable growth. Our lawyers have extensive experience assisting private companies on both domestic and cross-border matters, including incorporations, […]
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Intellectual Property
Overview The protection and effective management of intellectual property is fundamental to the success and long-term value of any business. In an increasingly innovation-driven economy, safeguarding ownership over brands, technologies, products, and proprietary know-how is essential to maintaining a competitive advantage. Intellectual property rights not only protect innovation but also play a critical role in […]
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Bankruptcy and Insolvency Litigation
Overview Businesses can experience financial distress suddenly or over time, driven by market shifts, the loss of key customers, supply chain issues, regulatory sanctions, or internal mismanagement. In these moments, the legal framework around insolvency and restructuring becomes critical: it determines who controls the business, how value is preserved or realised, and what creditors ultimately […]
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Employment Litigation and Restrictive Covenants
Overview Employment relationships are a cornerstone of corporate operations — and a frequent source of legal exposure. Disputes may arise from dismissals, workplace policies, contractual entitlements, or the departure of key personnel. Equally, restrictive covenants such as non‑competition or non‑solicitation clauses can determine how smoothly a business navigates transitions, protects its client base, and preserves […]
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Real Estate Litigation
Bulgarian real estate boomed in 2004-2008 and again (in a smaller wave) around investment in renewables benefitting from FiT-subsidies in 2008-10. These booms created their mirror waves of real-estate litigation and NBLO’s practice since its creation in 2005 has been very much bound up with property dispute representation. We have advised a variety of international […]
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Shareholder, corporate, JV and M&A disputes
In the field of corporate disputes, building on the knowledge acquired in venture and seed fund-raising and investing, M&A and general business law, we seek the best outcome for clients. Our experts advise on potential and actual claims from private M&A and joint ventures on issues connected to breaches of SPAs, SHAs, JV As and […]
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Blockchain and Cryptocurrency
Why Bulgaria Bulgaria has established itself as a practical and efficient base for crypto and blockchain businesses seeking access to the European Union market. Companies incorporated in Bulgaria benefit from EU market access while operating in a jurisdiction known for competitive costs and a technology-friendly environment. Regulatory oversight in Bulgaria is structured and transparent. Authorities […]
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Fintech
Why Bulgaria Bulgaria has established itself as an increasingly important fintech market in Central and Eastern Europe. A strong technology sector, highly skilled professionals, competitive operating costs and access to the European Union market have created a favourable environment for financial technology businesses. Domestically founded fintech companies are increasingly competing internationally, while international businesses are […]
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Employment
Overview New Balkans Law Office advises both individuals and businesses on the full spectrum of employment law matters arising in Bulgaria. Our team brings rigorous knowledge of Bulgarian labour legislation alongside an awareness of the international standards and frameworks that increasingly shape the modern workplace. Whether acting for a multinational employer navigating local compliance obligations […]
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Insolvency and Restructuring
Overview We assist and advise Bulgarian and international clients on insolvency, corporate restructuring and distressed situations involving Bulgarian entities or assets. In this regard we help creditors, debtors, shareholders and investors protect value, manage risk and navigate Bulgarian insolvency and stabilisation procedures in a focused, commercial and time‑sensitive way. Drawing on strong corporate, finance and […]
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Private Equity
Overview Private equity from inward investing funds is widely regarded as one of the principal sources of corporate finance in Bulgaria. Alternative financing channels remain comparatively limited: capital markets are developing but liquidity levels are still modest, domestic capital available for investment is not always abundant or strategically directed, and corporate debt markets remain relatively […]
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Real Estate
Оverview The Bulgarian real estate market continues to evolve at a remarkable pace. Both the off‑plan (“on greenfield”) construction segment and the secondary market remain highly dynamic, attracting local and international buyers, investors and developers. This environment requires precise legal guidance, thorough due diligence, and a clear understanding of regulatory frameworks and local practice that […]
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Tax
Why Bulgaria Bulgaria is one of Europe’s most attractive jurisdictions for tax-efficient structuring for both individuals and businesses. Its flat 10% personal and corporate income tax rates, 5% dividend tax, extensive double tax treaty network covering more than 70 countries, and EU membership make it a compelling option for those seeking to optimise their tax […]
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Wills, Probate and Inheritance
Overview Many people pass away without leaving a valid will, often assuming that the law will “take care of things” or that their wishes are obvious to those close to them. In practice, this can mean that the people you most want to protect are left exposed, that your assets are not distributed as you […]
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How to Open a Bank Account in Bulgaria as a Foreign Business
In this article, we provide an overview of the criterion that overseas incorporated businesses must generally fulfil in order to open a bank account in Bulgaria. We have restricted our analysis to organisations that are structured as companies or corporations in their home jurisdiction. Although Bulgarian law tends to recognise the legal forms of other […]
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How to Register a Financial Institution in Bulgaria: Documents Required by the BNB
To register a financial institution in Bulgaria, a company files a written application with the Bulgarian National Bank (BNB). It must attach documents on the company itself, its management and every person with a qualifying holding. The rules are set out in the Credit Institutions Act (CIA) and BNB Ordinance No 26 on Financial Institutions […]
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Requirements for Financial Institutions in Bulgaria: Definition, BNB Register and Ongoing Obligations
In Bulgaria, a company must be entered in the Financial Institutions’ Register of the Bulgarian National Bank (BNB) if activities such as financial leasing, guarantee transactions or factoring are material to its business. This guide sets out the requirements for financial institutions in Bulgaria, from the legal definition and the minimum capital to the rules […]
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Who Inherits Without a Will in Bulgaria? Intestate Succession Explained
What Intestate Succession in Bulgaria Means Intestate succession, governed in Bulgaria by the Inheritance Act, applies whenever a person dies without a valid will covering the whole of their estate, and it often produces an outcome quite different from what the family assumes or would have wanted. An estate can be treated as intestate not […]
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Probate in Bulgaria: How Estates Are Administered
How Probate in Bulgaria Works after a Death Probate in Bulgaria does not follow a single formal process in the sense familiar from common-law systems. Instead, heirs are identified, the estate is administered through a series of registrations and confirmations, and assets are transferred once entitlement is established. For international families, the first task is […]
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Tax Appeal Bulgaria: How to Challenge a Revision Act
A tax audit rarely feels urgent until the revision act (ревизионен акт) actually arrives – the formal assessment issued by Bulgaria’s National Revenue Agency (NRA) at the end of an audit or inspection. From that point, strict deadlines apply, and the route available to challenge the assessment narrows with every week that passes. This guide […]
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Wills: Types and Legal Requirements
Wills are a core tool in succession planning. Below is a structured overview of their legal requirements, followed by an analysis of their main advantages and disadvantages. What is a will? A will (often called a last will and testament) is a formal legal document by which a person (the testator) determines how their assets […]
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Buyers’ Protection Mechanisms under Preliminary Agreements
Background The economic environment in Bulgaria during the second half of 2025 is marked by exceptional dynamism. With Bulgaria’s accession to the eurozone and the adoption of the euro as the official currency, a wave of uncertainty has arisen regarding the conversion of Bulgarian lev (BGN) into euros. This uncertainty has triggered heightened activity on […]
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Requirements for Provision of Services under Secondment Agreements
The growing demand for skilled workforce compels businesses to adopt more flexible and efficient recruitment strategies. In many cases, large organisations with substantial human resources find it advantageous to establish partnerships with specialised service providers. These partnerships often involve professional support in the process of onboarding new personnel. One such solution is the use of […]
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Requirements for credit servicers and credit purchasers under the Credit Servicers and Credit Purchasers Act
The 51st National Assembly adopted the new Credit Servicers and Credit Purchasers Act 2025 (CSCPA 2025) on the 5th of June 2025, which was then promulgated in the State Gazette issue 50 of the 20th of June 2025. The latter introduced a number of requirements and distinctions regarding the figures of the credit purchasers and […]
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Phantom shares as an employee incentive tool
Bulgaria has recently emerged as a thriving hub for the IT, fintech and outsourcing industries, driven by a strong talent pool and favorable business climate. The country boasts a rapidly growing ecosystem of startups, established tech firms, and international investors drawn by its competitive costs and high-skilled workforce. With increasing digital adoption, a supportive regulatory […]
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Outsourcing and Digital Projects Development in Bulgaria
New Balkans Law Office (Sofia, Bulgaria) and our colleagues at LCA Studio Legale (Milano, Italy) have the pleasure to invite you to an online seminar on the topic of Outsourcing and Digital Projects Development in Bulgaria. The seminar will take place on 20 January 2021 between 2 pm – 3:45 pm CET. You can register […]
