Uncategorized

On February 25, 2025, the Minister of Finance and the Governor of the Bulgarian National Bank signed a request addressed to the President of the European Commission and the President of the European Central Bank for the preparation of extraordinary convergence reports on Bulgaria’s compliance with the criteria for joining the Eurozone. After reviewing these […]

On January 31, 2025, the Regulations for the Organization and Activities of the Inter-ministerial Council for Screening of Foreign Direct Investments (the Regulations) were promulgated. This represents another step in the process of implementing the screening procedure for Foreign Direct Investments (FDI) in the country. Background In 2024, the National Assembly incorporated the screening procedure

It is a great pleasure to share that KDP has been ranked among the best Bulgarian law firms in Corporate & Commercial in Chambers Global 2025. In the individual categories, our Managing Partners have been recognized in Corporate & Commercial as well as in Dispute Resolution. What our clients and partners say about us: “KDP

It is our pleasure to share the 4th part of our series on M&A Completion Mechanisms. Below we provide a comparison between the two completion mechanisms in their pure forms. See the full article below or download it.

Unlike the Completion Accounts Mechanism, where the purchase price is finalized after Completion, in the “pure” Locked Box Accounts Mechanism, the purchase price is finalized prior to Signing, when the seller still holds title and control over the Target. Under the Locked Box Mechanism, the Equity Value is determined based typically on the accounts provided

The Completion Accounts Mechanism is praised in the M&A world for more accurately capturing the Equity Value. The simple reason is that the Equity Value is calculated as at the date of Completion. This allows to reflect into the Equity Value every transaction of the Target made by the date the Seller transfers the title

On 4 July 2024, the Minister of e-Government proposed a bill for amendment to the Cybersecurity Act transposing NIS 2 Directive (EU) 2022/2555. All interested parties may publish their comments on the bill in the public consultation process until 3 August 2024. The amendments in the Cybersecurity Act provide only general risk management and reporting

Non-solicitation (no-poach) arrangements may restrict competition between employers, lowering productivity and salaries, restricting expansion or entry of competitors, hindering innovation and even increasing consumer prices. We have outlined those aspects of the non-solicitation arrangements in our previous article on this topic Bulgaria: Non-Solicitation Clauses in Commercial Contracts. Non-solicitation arrangements are widely used in Bulgaria in

When will the FDI screening rules become applicable? On 08.03.2024 amendments to the Bulgarian Investment Promotion Act (“IPA”) were promulgated in the State Gazette, introducing criteria for foreign direct investments in Bulgaria, which will be subject to preliminary screening. However, the FDI screening will not yet be applicable in practice until the Council of Ministers

At the end 2023 the Court of Justice of the European Union announced two judgments on issues related to the application of the General Data Protection Regulation (“GDPR“). Although adopted under specific cases, the judgments provide interpretations that are binding on all national law enforcement authorities within the European Union. Therefore, both judgements should be

Effective as of 13.10.2023, amendments and additions to the Renewable Energy Sources Act (RESA) and several other laws were promulgated in the Bulgarian State Gazette, which aim to develop the prospecting, exploration and use of geothermal energy. A small part of the amendment package is contained in the RESA, mainly definitions. The bulk of the

On 10.10.2023, the long-awaited amendments to the Labour Code (the “LC”) concerning the removal of the employment record were promulgated in the State Gazette. Even before their official publication, these amendments caused a wide public response, as the general perception of the employment record was that it was obsolete and its functions were more related