site.btaParliament Discusses Bills for Commerce Act Amendment on First Reading, Voting Left for Friday

Parliament discussed Thursday on first reading two bills to amend and supplement the Commerce Act, but their voting remained for Friday due to lack of time and quorum.

The draft law, submitted by the Council of Ministers, proposes to improve the efficiency of insolvency proceedings, to improve stabilization proceedings, to create an insolvency procedure and to discharge the debts of natural persons - entrepreneurs, as well as to introduce the requirements of Directive 2019/1023 of the European Parliament and of the Council of June 20 on preventive restructuring frameworks, on discharge of debt and disqualifications, and on measures to increase the efficiency of procedures concerning restructuring, insolvency and discharge of debt.

Continue the Change – Democratic Bulgaria MP Petar Kyosev’s legislative proposals establish the new legal form of the Variable Capital Company, which will meet the needs of innovative and growth-oriented start-up companies. The aim is to create a new company that is focused on developing an innovative product or service and which, once successful, can be transformed into a public company by floating on regulated markets or sold to another investor. Initial set-up costs are reduced, a minimum content of the company agreement is provided for, a free transfer of shares is proposed and a minimum set of rights and obligations of the shareholders is proposed. The procedure for the acquisition of membership rights by persons employed by the company is taken into account as an advantage, and the draft law contains provisions on conversion and dissolution.