AmCham Bulgaria Law on Commerce Modernization Project – Discussion 3

On June 5, 2024, AmCham Bulgaria Rule of Law and Legislative Reform (RLLR) Committee convened another expert discussion on the ongoing Law of Commerce Modernization Project. A dozen legal professionals from the membership and the supporting bilateral chambers, including the German-Bulgarian Industrial-Trade Chamber, gathered at the American Corner of the Sofia City Library to review the progress with two of the authors of the initial concept paper for modernization of the law  – Ass’t Prof. Tanya Bouzeva and Prof. Angel Kalaydjiev.

During his introductory remarks, Omourtag Petkov, Chair of RLLR Committee, thanked all legal professionals and firms that provided feedback on the initial proposals since the last meeting in October 2023. He said that the project now enters its second, main phase – drafting of an actual legislative bill, which will be a long process, resulting in a new draft bill that will engage many stakeholders and partners, including the employers’ associations, as well as opinion leaders from the government and the political parties, before entering the Parliament. Omourtag added that “The working group of third-party experts has already started to analyze the additional proposals in view of preparing a consolidated brief with all proposals which will serve as the basis for the actual drafting,” but he also repeatedly emphasized that “The door for more professional suggestions and comments remains wide-open throughout the drafting stage, so please do not hesitate to step forward with ideas for changes to the law.”

Then a brief but lively discussion followed on certain proposals for changes to the law, which demonstrated the professional consensus that the modernization of the Law of Commerce is long overdue but, also, presaged the difficulties that the new draft bill would have to face one day in the process of its adoption.  

The project for Modernization of the Law of Commerce was introduced back in 2022 by RLLR Committee thus making it one of the two major initiatives of this AmCham organ. Its start was supported by CIPE. In early 2023, AmCham Bulgaria organized a large professional discussion with legal experts from the supporting bilateral chambers – GBITC, BBBA, SBCC, Confindustria Bulgaria, Spanish-Bulgarian CC, etc., as well as a roundtable with judges from the Supreme Court of Cassation, the courts of appeal, and Sofia City Court.

Moments from the meeting