23 March 2020
In these difficult times, New Balkans Law Office would wish to reassure you that we continue our work with full vigour.
Our team members are working remotely where necessary and our systems are configured to enable us to provide as excellent a support as always.
We will continue to be fully contactable via +359 2 950 6239, +44 20 7183 0262, and by email at email@example.com and to the email addresses and phones of your usual contacts at the firm.
Our office is open but face-to-face meetings may not always be possible.
However, all associates and partners have access to video conferencing technology and video conferences can be arranged as needed.
We realise that these are exceedingly testing times and are committed to providing advice and assistance in relation to the impact of the epidemic and the measures for its suppression on employees, employers, businesses and the community generally.
For this purpose, we have set up an area on our website where we will add know-how on the topics of interest.
If you have any questions in relation to Covid-19, related to your own response planning and business continuity arrangements, please get in touch with your usual NBLO contact or at firstname.lastname@example.org
We are constantly monitoring, and will adhere to, the Government advice but are determined that the effect of any disruption on our clients is kept to a minimum.
We hope that all our clients and colleagues remain safe and healthy during this time.
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.
© New Balkans Law Office 2020