Insolvency

Cold cuts producer BIKH is staring at the prospect that any assets it has been left with might be confiscated, while its 191 employees are joining the unemployment queues. On Wednesday BIKH's owners withdrew their application for bankruptcy, tabled in May, with which they had secured temporary protection from creditors until Friday, when the case is due to be heard.

Troubled Hellenic Sugar Industry (HSI) won temporary protection from its creditors in court on Monday while its bank accounts were unfrozen to allow for a shake-up of its operations.

With Bulgarian Justice Minister Ms Tsetska Tsacheva as chair, EU Justice Ministers on Monday reached an agreement on some of the rules that will make it easier for entrepreneurs to go restart their business if they have gone bankrupt.

The number of commercial companies and authorized individuals in insolvency increased by 17.38pct in the first four months of the year, compared to the same period of 2017, to 2,965, according to the data posted on the website of the National Office of Trade Registry (ONRC).

The Economy Ministry appears to have agreed with the country's creditors on the inclusion in the extrajudicial debt settlement mechanism of individuals who are partners of enterprises in trouble.

Cold cuts producer BIKH has filed for bankruptcy in a bid for protection from its creditors, which could confiscate its assets, including its stock of products.

British company Cambridge Analytica, which is at the center of a Facebook scandal, has announced that it has begun insolvency proceedings and "stops all its operations immediately," says Bgnes.

Over 200 seamstresses, who have not received their salaries from a company located in the industrial zone of Plovdiv, will meet today with Ombudsman Maya Manolova.

Over 80% of Bulgarian citizens want an introduction of a law on private bankruptcy. This was announced by Ombudsman Maya Manolova.

"A law that regulates the insolvency of individuals, a huge percentage that is adequate to the huge problem that Bulgarians have difficulty paying their loans - to banks, to fast loan companies, leasing houses, including household bills, "she added.

Applications to enter the new, 120-tranche payment scheme for the settlement of social security arrears up to 50,000 euros will be accepted from January.