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.
Bulgarian startups funded by UK investors
NBLO regularly advises Bulgarian startups looking to tap into the deeper pools of capital available in more established seed and venture capital markets.
The UK, US and Germany are most frequently the sources of funding which Bulgarian-related investees successfully access. Given our connections to the UK (two of our team are admitted to practice in England), we most often assist Balkan founders or Bulgarian startups who have arranged to raise from UK-specific sources.
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