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Date for re-registration of Bulgarian companies extended.
By Mike Stock
After the complete and utter farce of the Bulgarian authorities to
properly manage this change and the lack of impetus from Bulgarian
commerce, rather than liquidating most of the companies in the country
and causing a financial meltdown, the authorities have yet again moved
the goalposts, this course of action was inevitable.
The Bulgarian Government is drafting new legal measures to deal with
companies that have not re-registered by this new date. Most
importantly, after 31st December 2011, these companies will officially
be deemed terminated and the government will list them on an official
website. They will not be liquidated immediately, but will no longer be
able to trade or dispose of any assets. Creditors will be informed and
given the opportunity to recover monies owed.
As someone who has seen over the years the disarray that seems to be
part of the Bulgarian system, I do ask myself if even this new date will
force compliance. Many companies seem to be of the opinion that nothing
will happen, while foreigners who set up a company to own their
Bulgarian property are confused, fearful and very aware that this is a
perfect situation for unscrupulous organisations to take advantage of
them.
The
most obvious course of action for anyone owning a company for is to
take action as soon as possible. Find a reputable accountant who can do
the work for a reasonable price and above all, avoid the sharks.
Many people have only now, at the point of re-registration, found that
even though they have paid to have end of year accounts done, their
accountants have charged them but not actually done the work. They now
find they cannot re-register until they have paid fines for the
outstanding years.
Best advices if you have not re-registered, do it now, but tread carefully.
Issue 6