As Part of Its Unprecedented Project for a Major Overhaul of the Commercial Law, AmCham Continued the Discussion on the Contemplated Changes to the Law with Senior Judges

On May 19, 2023, AmCham Bulgaria via its Rule of Law and Legislative Reforms Committee (“RLLR”) organized a round table discussion with senior representatives of the courts in Bulgaria, including the Commercial Divisions of the Supreme Court of Cassation, Sofia Court of Appeal, and Sofia City Court. The event was held at the Palace of Justice, Sofia.

In February 2022, RLLR initiated a long-term project for an overhaul and modernization of the Commercial Law of Bulgaria. It established for this project a working group including some of the most prominent experts in the field such as Prof. Angel Kalaydzhiev, Ass. Prof Alexandаr Katzarski, Ass. Prof. Tanya Bouzeva, Prof. Grigor Grigorov, and Ass. Prof. Nikolay Kolev. Since then, the working group drafted an initial concept paper with some of the most important proposed changes to the law, whose text  has been coordinated with the partnering bilateral chambers, incl. German, French, British, Swiss, and Confindustria. It was followed with a roundtable discussion on April 20, 2023, hosted by the GBITC, where lawyers from the partnering chambers discussed various aspects of the concept paper and suggested a number of additional ideas for changes to the law.  The working group and the participants agreed that this initiative for the overall modernization of the Commercial Law represents an unprecedented effort of close cooperation between the business and the professional community of practicing lawyers and academics.

At last week’s roundtable, senior judges and lawyers from the partnering chambers discussed with the working group its proposal in-depth. They all agreed that the Commercial Law needs major changes in order to meet the needs of the current business environment and economic relations and for full harmonization with the relevant EU legislation. The ultimate goal of this project of AmCham is to ease the way of doing business by reducing the grey areas in the law and introducing several new ideas that would make the law more adapted to the modern business environment and aligned with legal practice, which would make Bulgaria a better place to invest.

The event was held with the support of Penkov, Markov, and Partners Law Firm.

Moments from May 19th, 2023 Discussion at the Palace of Justice