Publications

Limiting contract liability and liquidated damages

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Limiting contract liability and liquidated damages Tanya Tocheva, Attorney at Law at Tocheva and Mandazhieva Law office Its purpose is to provide the parties with a preliminary security regarding the amount of the eventual loss. This question, though seemingly trivial, is inevitably raised in terms of business transactions when the budgeting of the whole transaction is a clear priority. Even though the Bulgarian participants in the turnover are not always willing to spare resources and negotiate on this matter, the…

More clients or less expenses…..

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More clients or less expenses: time for making decisions for invesment intermediaries Zhulieta Mandazhieva, Tocheva and Mandazhieva, 19.06.2005 Investment intermediaries have to face some tough decisions after the latest amendments to the Public Offering of Securities Act (POSA) and Regulation No1 regarding the requirements to investment intermediaries (Regulation No1). On the one hand, all such companies will have to be re-licensed and to declare a new line of business both in their statutes and in their general conditions. On the…

Labels are speaking

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Labels are speaking 25.10.2011, Georgi Traikov, Associate at Tocheva & Mandazhieva Law office Before buying of certain textile product (an official suit, blouse, and trousers) more of the consumers are interested in certain information, related to this product – for example what the product is made from, manner of exploitation, etc. In this regards the offering of such products is related to the respective requirements for the manner and volume of the information provided to the consumer, as the observing…

Dual listings, or what should companies expect from two stock exchanges

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Dual listings, or what should companies expect from two stock exchanges Zhulieta Mandazhieva, Dnevnik newspaper, 16.06.2010 Oftentimes in 2008, we heard from players on the stock exchange that the Bulgarian market simply does not have enough quality companies. This grievance still holds, to some extent, but what would happen if, instead, Bulgarian companies complain that there is not enough quality stock exchange happening here and start searching for alternatives? During the short bloom of the Bulgarian stock exchange, every company…

Remunerations of managerial and supervisory bodies of public companies

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Remunerations of managerial and supervisory bodies of public companies Ivana Bliznakova, Attorney at law at Tocheva and Mandazhieva Law Office In accordance with the adopted by the Financial Supervision Commission Order 48 from 20.03.2013 about the remunerations requirements (“Order 48”) the public companies have the task to adopt the Remuneration policy of their management/supervisory authorities up until the 5th of October 2013, as well as to align their remunerations in congruence with it. Although, Order 48 provides for adoption of…

Forcible expropriation of private property for public needs

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Forcible expropriation of private property for public needs Dimitar Kaldamukov, Attorney at law at Tocheva and Mandazhieva Law office This can only be done on the basis of the law, provided that these needs cannot be satisfied by other means. Often when the State and the municipalities build sites with national significance it is inevitable to affect private real property. Generally speaking, private property is according to the Constitution inviolable and a basic principle is that the forcible expropriation of…

Public Debt

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Public Debt Due to legislative omissions and a lack of case law, investors cannot collect their corporate bond receivables Ivana Bliznakova, July 3th, 2010, Capital newspaper Individuals and companies act quite similarly when facing financial woes. Most are punctual and do everything they can to pay their dues; sometimes, though, they are unable or unwilling to do so. That is why banks have different tools to guarantee credits are paid back: collateral, surety, etc. These methods have been established in…

Good intentions, bad achievements

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Good intentions, bad achievements Dimitar Kaldamukov, Senior Associate at Tocheva & Mandazhieva Law Office Probably at the core of most legislative initiatives of current National Assembly are good intentions. We believe in this because the other way would defeat the rule of law and the observance of the laws in general. The Act on Economic and Financial Relations (“The Act”) , however, shows that good intentions which the elaboration of a normative act has begun with may compensate neither its…

Is being a manager of a commercial company a risky job

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Is being a manager of a commercial company a risky job? The owners of the capital often appoint a formally close associate who does not realize the responsibility that they bear Ivana Bliznakova, Attorney at Law at Tocheva & Mandazhieva Law office Very often in the practice and the activities of the commercial companies, the owners of the capital appoint their close or not so close associates to the post of a manager or a management body in their companies.…

Is the idea of Bulgarian mutual funds still born?

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Is the idea of Bulgarian mutual funds still born? Zhulieta Mandazhieva, Tocheva and Mandazhieva, 10.07.2005 The latest amendments to the Public Offering of Securities Act were promulgated on May 10th 2005. They seem to have created a new investment niche on the Bulgarian capital market for small and medium-sized investors – these are the mutual funds or contractual funds as the legal term is. This way of making joint investments by a group of people with similar predispositions to the…