Insolvency and reorganization

The global economic crisis has imposed difficulties to a number of businesses. The outcome has been an increasing number of engagements for closing down of different forms of establishments, initiation of insolvency procedures, as well as intra-group reorganizations and restructuring activities.

With our specific and expert knowledge of the regulatory framework, as well as hands on experience on complicated cases, we are valuable advisor to our clients, who can protect their interests to the highest possible extent against the solvency problems of their contractors and business partners.

You can rely on us from the diligent scrutiny of the legal status of your potential future contractors to on-going protection of your interests throughout the entangled insolvency proceedings initiated against your business partners and debtors. We also offer practical and commercial advice on a full range of contentious and non-contentious issues encountered in insolvencies.

Our lawyers have abundant experience in corporate restructuring and reorganization. We provide full scope advice and assistance, which comprises:

  • Preparing comparative overview of the possible options for corporate restructuring and their potential implications on the affected businesses, including preserving licenses and authorizations, impact on contractual relations with third parties, transferring personnel and major tax implications;
  • Preparing an action plan and time estimates for the reorganization, allowing accurate internal estimations by the management;
  • Providing practical assistance in implementing the chosen scenario for reorganization, including drafting of the relevant corporate documents and commercial agreements, obtaining the required government approvals, performing the necessary registrations, and
  • Ensuring successful completion of the restructuring process and setting up the legal parameters for the operation of the new forms of establishment.

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.

Read More

© New Balkans Law Office 2019