Insolvency

One of the main activities of the Law firm Ruskov & Coll. with registered offices in Bulgaria and Germany is in the sphere of the German, Bulgarian and European insolvency law.

In times of economic crisis creditors fail to collect their debt claims due to insolvency of the debtor. Taking part in an insolvency procedure offers additional challenges in the cases when the creditor and debtor are resident in different countries and are not familiar with the respective legal norms of their opposing party.

Our lawyers’ team has extensive experience in the sphere of both German and Bulgarian insolvency law, including the specifics of the forced execution procedures in both countries relating to the protection of the creditor’s interests.

We represent creditors from Bulgaria and Germany during the whole process, including initiation of insolvency procedures against the syndic or against third parties, both in and out of court.

We also represent syndics from Bulgaria and Germany, who within the scope of the insolvency procedure undertake steps to locate and collect the property of the debtor, situated in another country. We have thorough knowledge of the German and Bulgarian insolvency law, as well as of the European legal regulations in relation thereto.

Our legal services in the sphere of German and Bulgarian insolvency law mainly consist in:

  • Consultation and representation of creditors in relation to their participation in insolvency procedures and debts claims securitization;
  • Representation of creditors during negotiations for settlement of their debt claims towards avoiding insolvency procedures;
  • Applications for insolvency receivables, representation at the committee of the creditors, appealing against the syndic’s decisions and others;
  • In- and out-of-court representation of syndics from Bulgaria and Germany for location and collection of debtor’s assets;