Friday 20 May 2016
NBLO’s Managing Partner, Kamen Shoylev, and Associate, Néstor Suárez, are taking part in the 7th Annual STEP Miami Summit.
The summit is being held on Friday May 20th in Miami, and is an excellent opportunity to review the latest issues concerning international private client planning with the leading professionals in the area.
This is an opportunity for New Balkans Law Office to acquire and maintain up-to-date best practice know-how in the field of estate planning, taxation and in private and family office investment structuring, and to maintain links with professionals in a large number of jurisdictions bringing a significant benefit to its clients.
As Bulgaria's go-to firm for cross-border businesses, NBLO strives to maintain such international exposure continuously.
Stopping the improper use of insolvency proceedings
A client of our dispute resolution team (led by Kamen Shoylev and Yordan Neshkov) was recently the subject of an indirect claim by a Bulgarian bank with which this client has been engaged in a multi-stage dispute. Unusually, the bank acted through a vehicle registered in an African state, which made an unfounded claim in the tens of millions of euros against our client and sought the commencement of judicial insolvency proceedings against this client. The offshore vehicle was chosen to isolate the bank from liability and create certain evidential difficulties for our client's representation.
NBLO succeeded in terminating the insolvency proceedings, with direct loss fully awarded to our client. A second claim to recover our client's indirect losses is currently under way.
Where targeted in this way through insolvency proceedings, a company may be prevented from trading properly (e.g., by suffering restrictions on its financing or being unable to participate in public procurement).
Through our considerable experience in insolvency litigation, both entirely domestic and where there are European and cross-border elements, we are ideally placed to assist clients in resisting such attacks and recovering the real and considerable losses that may be suffered.
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