On the 26.07.2023 an amendment to the Special Pledges Act was promulgated in the State Gazette, issue. 64. With the adopted changes the possibility for entry, deletion and announcements in the Central Register of Special Pledges, administered by the Registry Agency, to be requested by a lawyer with a special power of attorney was introduced.
The requirements regarding the power of attorney’s content have also been simplified. It must comply with the general standards for lawyers’ powers of attorney according to the Bar Act. It is obligatory for the power of attorney to be special – for representation before the Registry Agency. The adopted amendments do not introduce a requirement for the text of the power of attorney to contain detailed individualization of the transactions, on the base of which the entries, deletions and announcements are made.
The amendments significantly facilitate the applicants in representation before the Central Register of Special Pledges. They are an illustration of good practice and policy, that aim to ease and simplify the administrative procedures in Bulgaria and they show a good example for a positive change in the law in this regard.
