Bulgaria Report on the Observance of Standards and Codes : Insolvency and Creditor-Debtor Regimes
The World Bank Group assessed the insolvency and creditor/debtor regimes (‘ICR’) of Bulgaria pursuant to the joint IMF/World Bank initiative on the observance of standards and codes (‘ROSC’). The assessment has been undertaken on the basis of the I...
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| Language: | English en_US |
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World Bank, Washington, DC
2017
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| Online Access: | http://documents.worldbank.org/curated/en/627841500888030145/Bulgaria-Report-on-the-Observance-of-Standards-and-Codes-ROSC-insolvency-and-creditor-or-debtor-regimes http://hdl.handle.net/10986/27993 |
| Summary: | The World Bank Group assessed the
insolvency and creditor/debtor regimes (‘ICR’) of Bulgaria
pursuant to the joint IMF/World Bank initiative on the
observance of standards and codes (‘ROSC’). The assessment
has been undertaken on the basis of the ICR Standard. The
conclusions in this assessment are based on a review of the
legislation, and other regulations and procedures relevant
to bankruptcy, restructuring, the creation and enforcement
of pledges and other security interests over immovable and
movable property, and debt enforcement. The Bulgarian legal
framework governing creditor/debtor relationships provides
several means for protecting credit and minimizing the risks
of non-performance and default. However, the laws and
institutions governing security rights over both immovable
and movable assets need improvement. The bankruptcy
legislation is rather comprehensive but in practice
insolvency proceedings are not working effectively. This
report tries to contribute to the authorities’ efforts aimed
at continuing and further improving the laws and
institutions related to credit relationships. |
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