Emil Delchev

Bulgaria

Delchev & Partners
8 Tsar Kaloyan Street
2nd floor, Sofia 1000
Bulgaria

Tel: +359 2 993 09 79
Fax: +359 2 981 81 34

Email: emil.delchev@delchev-lawfirm.com
Web: www.delchev-lawfirm.com

Emil Delchev headed the legal and tax department of Ernst and Young (Sofia) from 1995 until 1998. From 1998 to 2002 Emil Delchev was contracted to be in charge of the legal and tax department of Arthur Andersen (Sofia). Upon the demise of Andersen in 2002 and following a merger between Ernst & Young and Andersen in Bulgaria Emil Delchev headed the tax service line of Ernst & Young (Sofia) until February 2005 when he founded Delchev and Partners.

Emil Delchev brings the most valuable experience in practically all areas of law and taxation. Emil Delchev has guided hundreds of foreign investors in establishing their businesses in Bulgarian in times when Bulgaria changed from state to market economy. He has been involved from both legal and tax perspective in privatizations, restructurings, M&As, due diligence processes, acquisitions. Emil Delchev has provided advice in relation to some of the biggest and most complex transactions in Bulgaria.

Delchev & Partners is a prime, full service, commercial law firm, based in Sofia, Bulgaria.

Delchev & Partners’ legal solicitors provide comprehensive legal and tax services and solutions to multinational corporations operating in Bulgaria, closely held foreign and Bulgarian businesses, local entrepreneurs, exempt organizations and individuals.

Our experienced lawyers in Bulgaria will assist you with any legal issues that you or your business in Bulgaria is facing.

Bankruptcy and insolvency in Bulgaria is governed by the provisions of Part IV of the Bulgarian Commerce Act that were initially introduced in 1994.

Some believe that the general Bulgarian insolvency law is in “high compliance” with international standards (EBRD 2009 Insolvency Law Assessment). According to others “Bulgaria’s corporate insolvency law has not provided efficient mechanism for resolution of companies’ financial difficulties in a way that does not unduly prejudice creditor rights” (World Bank 2003 Financial Sector Assessment Program).

Any bankruptcy ignites a myriad of conflicting and interdependent interests with one focal point – satisfaction from the debtor’s assets. This is why, as a rule, bankruptcy/insolvency rules are intrinsically complicated and are aimed at the hardly achievable objective of the universal creditors’ satisfaction. In addition to the natural legal intricacies of bankruptcy/insolvency rules, it appears that Bulgaria has conceived its provisions in certain respects cumbersome and inefficient. To make things worse, the courts are not sufficiently predictable and in many instances the administrators (trustees) lack knowledge and credibility.

Delchev & Partners’ bankruptcy lawyers possess thorough knowledge of every aspect of bankruptcy law coupled with the perspective achieved from representing virtually every type of client in bankruptcy/insolvency procedures and litigation. Delchev & Partners lawyers have acted for creditors in bankruptcy/insolvency procedures as well as have defended insolvent companies (and companies that are attacked in court as purportedly insolvent). Delchev & Partners also employs lawyers who are capable of becoming administrators (trustees) of bankrupt/insolvent companies.