Banking and finance

Overview

The global slowdown of 2007-9 has changed the dynamic of the Bulgarian financial market. Clients' need for confidence in receiving the best possible advice and for confidence that they are mitigating as many risks as possible has, if anything, increased. The conclusion of debt transactions demands a sophisticated and broad mix of financial and legal capabilities now more than ever.

Our approach to transactions is analytical and rigorous. This allows us to assist clients with innovative solutions and we aim to be at the forefront of all types of finance law work, while remaining highly pragmatic.

To date, we have advised on a large number of transactions with both creditor and debtor clients. We understand how products in the capital structure operate. We also appreciate the different approaches and requirements of lenders, borrowers and investors in the currently unbalanced credit market. 

Security

We have assisted our clients in executing secured transactions involving all forms of security, including:

  • bank and performance guarantees;
  • charges and pledges over assets;
  • charges over shares and movables;
  • floating/fixed/going concern charges;
  • mortgages over real estate, etc.

Our lawyers advise banks and other lenders, borrowers, funds and investors in large scale real estate transactions. The team advises our clients on a wide range of property investment and development financings implemented, where relevant, through structured deals of some complexity.

Thus, we have a strong experience and good understanding of all aspects of real estate finance on the Bulgarian market.

Our firm advises stakeholders on the legal aspects of projects and project financings across industries. We provide comprehensive advice on joint ventures and project structures, conduct legal due diligence assignments, assess risk allocation and review the financing arrangements and the relevant security packages.

Through our strong M&A and Insolvency and Reorganization teams, we have good experience in advising corporate debtors in relation to debt restructurings, re-financings and recapitalizations, debt buy-backs, and other forms of restructuring.

Recent work:

NBLO helps Dutch investor win summary judgment in High Court for the sum of GBP 192,000

New Balkans Law Office has acted for Mr Kooter, the individual claimant in legal proceedings recently covered by the British press (e.g., The Evening Standard) and subsequently also in Bulgarian news media (e.g., 24 Chasa).

NBLO has represented Mr Kooter throughout the matter. We assisted with the enforcement of a worldwide freezing order issued by the High Court in London against real estate, bank account and other assets of the defendant situated in Bulgaria. As part of the attempts to preserving assets for enforcing his claim, the claimant also proceeded on the basis of prejudiced against him as a creditor. NBLO additionally acted on various ancillary aspects.

Separately, through one of NBLO’s partners who is dual-qualified as an English barrister, NBLO formed part of Mr Kooter’s UK legal team. In the UK, Mr Kooter won summary judgment for the sum of £192,000, interest and legal costs. The sum awarded was the entire claim by Mr Kooter relating to sums which Ms Radeva had ostensibly offered to invest on his behalf. For a separate part of the claim (approx. €36,000), the High Court was unable to give a summary (effectively, early-stage) judgment on the basis that unlike the investment related claim, the basis of these transfers could not be established without a full investigation of evidence including oral hearings.

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