Insolvency and Restructuring

“Bankruptcy is a legal proceeding in which you put your money in your pants pocket and give your coat to your creditors.” Joey Adams

Drawing on extensive experience in bankruptcy and insolvency, we work with creditors, lenders and other businesses to provide more than just a statement of the law – we provide our clients with the confidence that if there is a solution, we will find it.

Our team brings together experience from the many areas of law that can shape the dynamics of a troubled corporation, including administrative legislation and process, real estate, labour law, tax law and litigation. Eurolex Bulgaria managing partner Andrey Delchev leads the bankruptcy and restructuring team. Andrey has a distinguished reputation for achieving positive results gained through numerous court appearances whilst a registered syndic (trustee in bankruptcy) at the Municipal Court of Sofia.

In insolvency and restructuring matters, Eurolex Bulgaria’s lawyers base their service on three main principles: expertise, responsiveness and collaboration with other parties in achieving consensual results to assist clients in finding the ideal legal structure for their business.

Our services in this area include but are not limited to:

• advising on the legal requirements for the winding-up, spin-off, dissolution, liquidation, restructuring and reorganization of companies
• assisting in the preparation and negotiation of reorganisation plans and debt restructuring agreements
• restructuring of corporate operations
• representing creditors on creditors’ boards and in bankruptcy proceedings
• representing debtors in insolvency proceedings
• preparing due diligence reports for companies in liquidation or bankruptcy proceedings
• conducting legal analysis of the risks associated with concluding contracts with troubled companies
• assisting with the sale/acquisition of companies and assets
• advising on hive-offs, transfers and leases of enterprises
• drafting and negotiating contracts and other documents in relation to debt-for-equity swaps, debt conversion transactions (such as debt for bond swaps) and general debt refinancing
• negotiation and re-negotiation of credit facilities with banks, syndicates and other lenders
• advice in respect of loan and debt restructuring proceedings, including work-outs, asset sales, bankruptcy trustee work, and bankruptcy litigation
• negotiating out-of-court settlements
• obtaining security over receivables

Key Partners

Andrey Delchev

Stoyan Barzakov