Bulgaria - Restructuring/Insolvency Lawyers & Law Firms - Europe - Chambers and Partners
Chambers & Partners has detected the use of an ad blocker.
We make use of tailor-made ads to enhance your experience of our website.
Please 'whitelist' https://www.chambersandpartners.com.
Close
Europe Guide

Restructuring/Insolvency — Bulgaria


Boyanov & Co. - Restructuring/Insolvency Department

-

Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Stellar team representing both creditors and debtors in insolvency litigation. Also advises on loan restructuring, refinancing matters, enforcement procedures and NPL transactions. Particularly active for domestic and international clients from the telecoms, banking and real estate sectors.

Work highlights Acted for Sofia South Ring Mall on the restructuring and refinancing of a EUR60 million loan provided by three banks.

Notable practitioners

Damian Simeonov is recognised for his restructuring work, aided by his exceptional reputation in banking and finance matters. He regularly represents banks, real estate developers and telecoms companies in their refinancing projects, loan restructurings and enforcement procedures. Of late, he advised VIVA Telecom on the EUR330 million purchase of BTC via an enforcement of a security granted for a loan.

Widely appreciated for her litigation expertise, Kina Chuturkova is recognised for her activity in contentious matters and insolvency proceedings. She is well versed in representing domestic and international clients active in the banking and real estate sectors in insolvency matters.

Ralitsa Nedkova is experienced in enforcement proceedings, refinancing matters and loan restructuring mandates. She advises a range of clients from sectors including telecoms and real estate.

About the Team (content provided by Boyanov & Co.)

  • Lead by partner Kina Chuturkova, who is internationally praised as one of the best litigators in the country, BOYANOV & Co.’s team has earned high recognition among clients for litigious work and has won high profile litigation mandates from major clients, including in complex litigations involving government bodies and state-owned companies, banks, etc.
  • In an environment of a still unreformed judiciary the firm is widely known for its very high ethical standards of litigation work.
  • BOYANOV & Co. serves mainly foreign and multinational companies in banking and finance, construction, heavy and chemical industries, pharma, consumer goods, energy.
  • The firm advises on complex and high-profile cases. Some of the insolvency proceedings relate to additional commercial litigations or with criminal investigations which makes the legal work even more complex.
  • The team of lawyers is well-prepared and devoted to perform in the best way, based on the law, justice and ethics
  • BOYANOV & Co. regularly contributes reports and Bulgarian chapters to various publications on Restructuring & Insolvency (such as the Resolving Insolvency Report of the World Bank’s Doing Business series, the Bulgarian Chapter of the Sweet & Maxwell European Cross Border Insolvency publications, etc.).

No Content Provided

Industries

  • {{member.name}}

No Content Provided

Clients

  • {{member.name}}

No Content Provided

Date

Title

{{ article.publishedDate | date: 'longDate' }}

{{article.title}}


Djingov, Gouginski, Kyutchukov & Velichkov - Restructuring/Insolvency Department

-

Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Outstanding team acting for creditors, debtors and other interested parties on complex restructurings and workouts. Particularly well known for representing clients in insolvency proceedings and related litigation, as well as advising on distressed M&A. Has notable expertise in cross-border reconstruction and bankruptcy matters. Experienced in matters involving the energy, TMT and retail sectors.

Strengths Interviewees are "impressed with the creativity of the lawyers and their commitment to pursuing all available legal options."

Clients also highlight the "correctness and accuracy" of the team.

Work highlights Assisted HETA Luftfahrzeuge Leasing with the debt recovery proceedings for receivables guaranteed by the insolvent Petrol Holding.

Advised CBS Studios International as a creditor on the insolvency proceeding against TV7.

Notable practitioners

Angel Ganev recently represented the special purpose liquidators of Queensland Nickel in cross-border insolvency litigation. He is well regarded for contentious insolvency work and regularly advises clients from industries such as media, retail and mining.

About the Team (content provided by Djingov, Gouginski, Kyutchukov & Velichkov)

Djingov, Gouginski, Kyutchukov & Velichkov's  Insolvency practice group provides advice to corporations in financial difficulty, to their bankers and to other parties who are directly or indirectly affected by a company in financial distress in complex reconstructions, workouts and contentious insolvency proceedings in connection with:

  • devising appropriate solutions acceptable to the client and to all stakeholders by identifying the sources of problems and methods for rectification;
  • evaluating the rights and negotiating the positions of all affected stakeholders, whether secured or unsecured creditors, employees, shareholders, customers or governments;
  • cross border aspects of international insolvency;
  • formal procedures such as insolvencies, bankruptcies and liquidations;
  • advising on the legal aspects of restructuring of corporate entities.

No Content Provided

Industries

  • {{member.name}}

No Content Provided

Clients

  • {{member.name}}

No Content Provided

Date

Title

{{ article.publishedDate | date: 'longDate' }}

{{article.title}}


Kambourov & Partners - Restructuring/Insolvency Department

-

Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Distinguished team for insolvency litigation, enforcement and debt collection matters. Also provides expertise in domestic and cross-border restructuring mandates. Active for creditors, debtors and administrators. Clients consist of banks and companies active in the retail, TMT and finance sectors.

Strengths Clients are "impressed by the motivation of the team" and highlight the "prompt and high-quality legal services" it provides.

Work highlights Advised Kamenitza on the insolvency of KMB Bulgaria and the recovery of receivables.

Acted for Unix Solutions on the insolvency of Global Communication Net and the collection of receivables.

Notable practitioners

Emil Emanuilov is well regarded for representing clients in insolvency and enforcement proceedings. Clients say: "He is knowledgeable about insolvency law and responds to requests in a timely manner. His advice is useful and easy to understand." He recently advised UniCredit Bulbank on the initiation of insolvency proceedings against Siconco Building and on the collection of receivables.

Hristina Kirilova is highly active on insolvency matters, regularly representing clients from sectors including banking, media and technology. She recently advised Alen Mak Bulgaria on the insolvency of part of its business.

About the Team (content provided by Kambourov & Partners)

The Insolvency practice was launched in 1994 (when Chapter IV of the Bulgarian Commerce Act governing insolvency proceedings in Bulgaria was adopted). The team, headed by the name partner Yavor Kambourov, was involved in the first and largest bank insolvency proceedings, initiated in 1996.

The team has advised major creditors in landmark insolvency cases of significant public interest and legal complexity.

In the absence of legally regulated instruments (such as Chapter 11 in the USA, Schemes of Arrangement in the UK, or the Preventive Concordate as applicable in Bulgaria before 1944), the team has developed complex restructuring mechanisms in full compliance with the applicable law. It assists in restructuring and insolvency proceedings, cross-border restructuring matters, insolvency litigation and enforcement, restructuring and out-of-court workouts, finance-related insolvency, implementation of specific pre-pack and rehabilitation mechanisms for restructuring of indebted businesses.




No Content Provided

Industries

  • {{member.name}}

No Content Provided

Clients

  • {{member.name}}

No Content Provided

Date

Title

{{ article.publishedDate | date: 'longDate' }}

{{article.title}}


Wolf Theiss - Restructuring/Insolvency Department

-

Band 1

第一等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-known regional player with extensive expertise in out-of-court financial restructurings and distressed asset sales, supported by significant insolvency litigation experience. Sought after by debtors, creditors and the shareholders of distressed companies for bankruptcy proceedings. Considerable experience acting on cross-border matters on behalf of foreign banks and investors. Represents clients in the transportation, TMT and healthcare industries.

Strengths Sources are pleased with the speed of the service: "They proved to be responsive, knowledgeable and focused on the case, so there was no delay and a quick turnaround to my enquiries."

Interviewees also highlight the "constant high quality" of the service and suggest the team is "really capable of handling tight deadlines and providing the best quality legal support."

Work highlights Assisted Alpine Bau with the application by the tax authorities to reopen subsidiary insolvency proceedings in Bulgaria.

Notable practitioners

According to clients, Katerina Kraeva "has vast knowledge when it comes to restructuring and she is very result-driven." She is well versed in financial restructuring matters and the sale of distressed assets and debt. She acts for a number of financial sector clients, including private equity houses and banks, as lenders on restructuring and recapitalisation mandates.

About the Team (content provided by Wolf Theiss)

The preceding rapid growth and the followed downturn in the financial markets, combined with the lower levels of activity in the last few years are expected to continue to sustain a negative impact on business operations, resulting in an increasing number of insolvencies.

Our Reputation

We are praised for our legal accuracy of the highest quality combined with many years of real world negotiation and structuring experience with banks, borrowers and investors across CEE. Our experience is recognised by our clients as demonstrated by the repeat business generated from existing and newly won clients.

Our Cases

We have a rich variety of clients, including debtors, shareholders in distressed companies,  individual creditors and also group of creditors in restructuring matters. Furthermore, the increasing level of restructuring and insolvency cases, both domestic and cross-border, handled by our team respectively indicates our growing expertise in the field.

Our Role

Our team helps clients manage a broad variety of bankruptcy, insolvency and restructuring matters, including complex litigation cases. We also work closely with clients on out-of-court restructurings in order to minimize risks and maximize returns. Our goal is to help our clients take advantage of potentially
profitable distressed assets and debt sales.




No Content Provided

Industries

  • {{member.name}}

No Content Provided

Clients

  • {{member.name}}

No Content Provided

Date

Title

{{ article.publishedDate | date: 'longDate' }}

{{article.title}}


CMS - Restructuring/Insolvency Department

-

Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Acts for domestic and international lending banks involved in a variety of restructuring and insolvency issues. Advises financial sector clients on facility, intercreditor and security documentation, as well as assisting with enforcement matters. Has a strong focus on real estate and multi-jurisdictional cases. Provides support on distressed debt, tax structuring and directors' liabilities. Also assists clients with debt collection matters.

Strengths Clients are "extremely satisfied" with the service the team provides, highlighting the care the team takes to ensure the issue is clear.

Work highlights Advised Novo Banco on the voluntary rescue sale of Bulgarian assets and the subsequent release of security.

Notable practitioners

Assen Georgiev, Elitsa Ivanova and Gentscho Pavlov lead the practice and are key contacts for the team.

About the Team (content provided by CMS )

CMS Sofia is the largest international law firm on the Bulgarian market. We have a dedicated team of lawyers and notable practitioners. We act for leading domestic and international banks (and agents for bank syndicates) and financial institutions in a variety of restructuring scenarios, including pre-insolvency and insolvency issues advice on facility, intercreditor and security documentation and enforcement options. We also specialise in real estate restructurings and have extensive experience in advising clients on multi-jurisdictional cases.
We have advised clients on tax structuring issues, provided banks with legal advice on all aspects of disputes arising out of banking relationships, distressed debt trading and formal insolvency procedures. We also regularly act for directors on their obligations and potential liabilities in a restructuring scenario.

No Content Provided

Industries

  • {{member.name}}

No Content Provided

Clients

  • {{member.name}}

No Content Provided

Date

Title

{{ article.publishedDate | date: 'longDate' }}

{{article.title}}


Penkov, Markov & Partners - Restructuring/Insolvency Department

-

Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Represents a number of international and domestic banks and financial institutions in bankruptcy and insolvency proceedings. Offers significant experience in financial restructuring mandates. Assists international clients with the liquidation of Bulgarian subsidiaries. Also acts for many prominent debtors. Handles a number of enforcement matters.

Strengths Sources highlight the team for complex debt restructuring and debt collection issues, noting that the team's "local contacts and reputation have been a great help to their clients in navigating the difficult environment in Bulgaria."

Other interviewees recommend the practice for its "good insight into the legal and commercial aspects of the work," adding that the team has "been providing us with high-quality work."

Work highlights Acted for Credit Suisse on the restructuring of EUR14 million receivables through the reorganisation of securities.

Advised Nykredit Bank on the liquidation of its Bulgarian assets.

Notable practitioners

The main points of contact for the team are Svetlin Adrianov and Alexander Stefanov, who lead the department.

About the Team (content provided by Penkov, Markov & Partners)

Department profile not yet provided by Penkov, Markov & Partners. Please see their firm profile.

No Content Provided

Industries

  • {{member.name}}

No Content Provided

Clients

  • {{member.name}}

No Content Provided

Date

Title

{{ article.publishedDate | date: 'longDate' }}

{{article.title}}


Schoenherr (in cooperation with Stoyanov & Tsekova) - Restructuring/Insolvency Department

-

Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Well-regarded team offering notable experience in advisory matters related to the enforceability of restructuring and insolvency measures. Acts for clients on financial restructuring and distressed asset transactions. Also experienced in insolvency-related litigation proceedings.

Work highlights Acted for B2 Kapital on the acquisition of a EUR93 million real estate secured NPL portfolio from UniCredit Bulbank.

Advised ING on the validity and enforceability of close-out netting and financial collateral arrangements in cases of insolvency or restructuring of its Bulgarian counterparties.

Notable practitioners

Dimitar Vlaevsky and Tsvetan Krumov are key points of contact for the department.

About the Team (content provided by Schoenherr (in cooperation with Stoyanov & Tsekova))

Schoenherr offers a unique combination of the know-how of a boutique insolvency firm, and the comprehensive range of legal services of an international law firm. The firm’s insolvency and restructuring team covers all areas of insolvency law.

It has an outstanding record in advising both lenders and distressed borrowers on pre-insolvency reorganisation and re-financing, as well as extensive experience in representing creditors in insolvency proceedings and insolvency related litigation.

Schoenherr increasingly acts for Austrian banks in distress, advising in particular on proceedings under the European Union's Bank Recovery and Resolution Directive. In addition, the insolvency and restructuring team frequently acts as legal advisor in cross-border insolvency proceedings and is permanent counsel of international banking associations in connection with close-out netting issues. 

Schoenherr's insolvency and restructuring team is well regarded for its ability to efficiently handle complex, large-scale restructurings and providing comprehensive advice, drawing, where necessary, upon experts from other practice groups, such as banking & finance and corporate m&a. 



No Content Provided

Industries

  • {{member.name}}

No Content Provided

Clients

  • {{member.name}}

No Content Provided

Date

Title

{{ article.publishedDate | date: 'longDate' }}

{{article.title}}


Spasov & Bratanov Lawyers' Partnership - Restructuring/Insolvency Department

-

Band 2

第二等

Chambers Commentary (based on the Chambers research)

What the team is known for Experienced team offering notable expertise in insolvency and bankruptcy proceedings, as well as enforcement matters. Also recognised for its debt restructuring activity. Advises a variety of local and international banks, financial institutions and companies as both creditors and debtors.

Notable practitioners

Managing partner Georgi Spasov is the main point of contact for the firm.

About the Team (content provided by Spasov & Bratanov Lawyers' Partnership)

Department profile not yet provided by Spasov & Bratanov Lawyers' Partnership. Please see their firm profile.

No Content Provided

Industries

  • {{member.name}}

No Content Provided

Clients

  • {{member.name}}

No Content Provided

Date

Title

{{ article.publishedDate | date: 'longDate' }}

{{article.title}}


Dimitrov, Petrov & Co. - Restructuring/Insolvency Department

-

Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Represents clients in insolvency and debt collection proceedings, particularly on the creditor side. Acts for domestic and international clients from the financial services, real estate and retail sectors. Strong focus on insolvency disputes, also advising on liquidation procedures and reorganisations.

Strengths "I am impressed with how they defend our interest, never give up, always keep us informed and overall have a great sense of service," satisfied clients enthuse.

Work highlights Advised Black Sea Property as a creditor on an insolvency procedure against a real estate developer.

Represented Multiprint in insolvency proceedings and in a claim for receivables against KBM Bulgaria.

Notable practitioners

Head of department Metodi Baykushev is the key point of contact for the team.

About the Team (content provided by Dimitrov, Petrov & Co.)

Department profile not yet provided by Dimitrov, Petrov & Co.. Please see their firm profile.

No Content Provided

Industries

  • {{member.name}}

No Content Provided

Clients

  • {{member.name}}

No Content Provided

Date

Title

{{ article.publishedDate | date: 'longDate' }}

{{article.title}}


Kinkin & Partners - Restructuring/Insolvency Department

-

Band 3

第三等

Chambers Commentary (based on the Chambers research)

What the team is known for Offers long-standing experience in representing international and domestic clients, with a particular focus on those in the construction, energy and chemical industry sectors. Advises insolvent traders, creditors and third parties on commercial bankruptcy, restructuring, liquidation and the transfer of shares. Notable experience assisting with cross-border matters.

Work highlights Represented Argent 2002 in insolvency and debt recovery proceedings brought against BOKAR Bulgaria.

Notable practitioners

Vladimir Kinkin is the key contact at the firm.

About the Team (content provided by Kinkin & Partners)

Department profile not yet provided by Kinkin & Partners. Please see their firm profile.

No Content Provided

Industries

  • {{member.name}}

No Content Provided

Clients

  • {{member.name}}

No Content Provided

Date

Title

{{ article.publishedDate | date: 'longDate' }}

{{article.title}}


Band 1

Boyanov & Co.

From the Chambers Europe guide

Damian Simeonov is recognised for his restructuring work, aided by his exceptional reputation in banking and finance matters. He regularly represents banks, real estate developers and telecoms companies in their refinancing projects, loan restructurings and enforcement procedures. Of late, he advised VIVA Telecom on the EUR330 million purchase of BTC via an enforcement of a security granted for a loan.

^ See whole ranking table

Band 2

Boyanov & Co.

From the Chambers Europe guide

Widely appreciated for her litigation expertise, Kina Chuturkova is recognised for her activity in contentious matters and insolvency proceedings. She is well versed in representing domestic and international clients active in the banking and real estate sectors in insolvency matters.

^ See whole ranking table

Band 2

Kambourov & Partners

From the Chambers Europe guide

Emil Emanuilov is well regarded for representing clients in insolvency and enforcement proceedings. Clients say: "He is knowledgeable about insolvency law and responds to requests in a timely manner. His advice is useful and easy to understand." He recently advised UniCredit Bulbank on the initiation of insolvency proceedings against Siconco Building and on the collection of receivables.

^ See whole ranking table

Band 2

Hristina Kirilova

Kambourov & Partners

From the Chambers Europe guide

Hristina Kirilova is highly active on insolvency matters, regularly representing clients from sectors including banking, media and technology. She recently advised Alen Mak Bulgaria on the insolvency of part of its business.

^ See whole ranking table

Band 2

Wolf Theiss

From the Chambers Europe guide

According to clients, Katerina Kraeva "has vast knowledge when it comes to restructuring and she is very result-driven." She is well versed in financial restructuring matters and the sale of distressed assets and debt. She acts for a number of financial sector clients, including private equity houses and banks, as lenders on restructuring and recapitalisation mandates.

^ See whole ranking table

Band 3

Djingov, Gouginski, Kyutchukov & Velichkov

From the Chambers Europe guide

Angel Ganev recently represented the special purpose liquidators of Queensland Nickel in cross-border insolvency litigation. He is well regarded for contentious insolvency work and regularly advises clients from industries such as media, retail and mining.

^ See whole ranking table

Band 3

Kolcheva, Smilenov, Koev and Partners

From the Chambers Europe guide

Dimiter Smilenov of Kolcheva, Smilenov, Koev and Partners is well regarded for his experience in insolvency proceedings and dispute resolution matters. He also receives recognition for his activity as an insolvency administrator.

^ See whole ranking table

Associates to watch

Boyanov & Co.

From the Chambers Europe guide

Ralitsa Nedkova is experienced in enforcement proceedings, refinancing matters and loan restructuring mandates. She advises a range of clients from sectors including telecoms and real estate.

^ See whole ranking table