In focus in Bulgarian legislation
Law on supplement of the Bank Bankruptcy Act (SG 22 as of 27.3.2015)
In the Bank Bankruptcy Act are included new rules, regarding the security measures, which must be taken by the court before stating a decision for starting insolvency proceedings.
The legislator requires the court to appoint a provisional receiver, proposed by the Fund, in the event that the conservators are appointed by the Central Bank prior to the decision for revoking the license to conduct banking activity. The provisional receiver performs most of the functions of the permanent receiver until the appointment of the latter, and the powers of the conservators are terminated.
The provisional receiver has the right to file claims before the bankruptcy court for returning of the property received, originating from the bank against any third party.
Draft Law on supplement of the Code of Civil Procedure
The proposed legislative change affects art.280, para.2 of the CPC about the grounds for admission of an appellate decision to cassation appeal.
The importer of the draft law suggest the decisions on appellate commercial cases with claims of up to 20000 leva not to be admitted to cassation appeal, which would further restrict the possibility for exercising cassation control, since at the time the law requires a minimum of 10000 leva price of the claim on appellate commercial cases.
In the event the draft law is finally adopted, the submitted before its entry into force cassation claims will be heard under the rules of the current CPC.
News on European Union Law
With the EU Official Journal – L95 10.04.2015 with a view to adoption of Commission Directive (EU) 2015/559 amending Council Directive 96/98/EC on marine equipment, the European Commission, according to which Annex A to Directive 96/98/EC is replaced by the text in the Annex to Directive 2015/559, as the equipment listed in column 1 of Annex A.1 as having been transferred from Annex A.2 which was manufactured before 30 April 2016 in conformity with procedures for type-approval already in force before that date within the territory of a Member State, may continue to be placed on the market and on board a Community ship until 30 April 2018.
Decision (EU, Euratom) 2015/578 of the Representatives of the Governments of the Member States of 1 April 2015 has been published in the EU Official Journal – L96 11.04.2015, appointing Judges and Advocates-General to the Court of Justice. The following are appointed Judges to the Court of Justice for the period from 07.10.2015 to 06.10.2015: Mr Lars Bay Larsen, Mr Francois Biltgen, Mr Endre Juhasz, Ms Küllike Jürimäe, Mr Sinisa Rodin, Mr Allan Rosas, Mr Marek Safjan, Mr Daniel Svaby. The following are appointed Advocates-General to the Court of Justice for the same period: Ms Juliane Kokott, Mr Henrik Saugmandsgaard OE, Ms Eleanor Sharpston.
In the EU Official Journal – C126 18.04.2015 are published Decision №807 as of 04.12.2014 on the opening of a procedure for granting authorization for prospecting and exploration of oil and natural gas – subsurface natural resources under Article 2(1) point 3 of the SRA in the area of “Block1-22 Teres”, located in the exclusive economic zone of the Republic of Bulgaria in the Black Sea, and on the notification of the granting of authorization through a competition and Decision №808 as of 04.12.2014 on the opening of a procedure for granting authorization for prospecting and exploration of oil and natural gas – subsurface natural resources under Art. 2(1) point 3 of the SRA in the area of “Block 1-14 Silistar”, located in the continental shelf and the exclusive economic zone of the Republic of Bulgaria in the Black Sea, and on the notification of the granting of authorization through a competition.