This field, related to bankruptcy and creditors’ rights and liquidation, involves representation of debtors, trustees, governmental agencies, local tax authorities, institutional and trade creditors, secured creditors, and buyers and sellers of distressed businesses. As a result of the restructuring of Bulgarian economy NOVEL CONSULT has gained extensive experience in bankruptcy issues. Three of our lawyers are licensed by the Ministry of Justice as Receivers and may be appointed as such by the Bulgarian courts.

We have consulted both local and international investors on a number of restructuring deals, mainly executed through privatization. The privatization process is a complex one and it comprises nearly all aspects of legal practice, including legal, administrative skills, knowledge of financial instruments and payment tools available in the market, corporate governance and management issues, etc.

With the collapse of the Bulgarian banking system in 1995-1996 we had to meet the needs of many clients regarding negotiations, discount operations, litigation and quick enforcement of promissory notes and other guaranties, court decisions and interlocutory conjunctions. Our clients were negatively affected by the bank bankruptcies and we took an active part in the recovery process. Lawyers of NOVEL CONSULT have been major consultants to receivers of two large banks.