Bankruptcy

The two mechanisms for the settlement of debts to the tax authorities and the social security funds will be a sizable challenge for the next government. Greece's creditors estimate that the 120-tranche payment programs will create a fiscal gap of 0.6 percent of gross domestic product in the 2019 budget that risks missing the target of 3.5 percent of GDP.

More than 55,900 companies were dissolved in the first four months of this year, the largest number of companies in the last 10 years, according to a special analysis sent to AGERPRES on Thursday.

This year European Parliament and local elections are neither simple nor commonplace.

Their crucial nature is patently obvious. They are considered and indeed are a dress rehearsal for the upcoming parliamentary election, which has not yet been called.

Assignees of the bankrupt Corporate Commercial Bank will start paying EUR 391 million to the bank's creditors. The payment of the amounts from the first partial account will be made through the network of UniCredit Bulbank.

Handouts over the next four years, tax and social security debt settlements, and one more market foray, probably between May 9-16, will be at the focus of the government's agenda for the next few weeks leading up to the May 26 European elections.

Handouts over the next four years, tax and social security debt settlements, and one more market foray, probably between May 9-16, will be at the focus of the government's agenda for the next few weeks leading up to the May 26 European elections.

The first four months of the year saw fewer companies closing but also fewer new enterprises being set up, a development linked to a hesitant stance from business people ahead of political developments this year.

The platform for applying for a debt settlement program for contributions to social security funds will open before Easter, i.e. during this month, and will remain open up to September 30.

The US Bankruptcy Court for the Southern District of New York has approved Aegean Marine Petroleum's reorganisation plan following the company's filing for Chapter 11 protection under US bankruptcy law.

The plan is the product of extensive negotiations between Aegean Marine Petroleum and a large number of its creditors.

A new European directive recommends that Member States start implementing the debt-forgiving regulations - a bankruptcy procedure, not only for companies but also for citizens - as soon as possible.

In fact, Bulgaria is the only country in the EU where no personal bankruptcy mechanism has yet been put in place and, unlike business, consumers are becoming life-long debtors.