Insolvency in General


BWSP Ilieva, Voutcheva & Co. Law Firm was assigned with the representation before the insolvency court of a company-creditor of two bankrupt debtors currently in insolvency. The two insolvency cases were rather different, complicated from legal and factual point of view and contained a significant risk for our client.

In the first insolvency case we had to interfere later than the legally provided term because of certain circumstances in the particular case. We had to justify the claim submission and the legal grounds for the claim to be satisfied. Our course of action was entirely successful – our reasoning was accepted under the insolvency case and the claim satisfied.

The complication of the second insolvency case arisen out of the fact that it develops simultaneously with on-going court cases and executive cases. Therefore, we not only advised the client on the whole insolvency case and also elaborated detailed general strategy of defense, and in the same time took over the rest of the client’s on-going cases

We managed to terminate the on-going court cases and defend the client’s interests under the executive case on the ground of a counter writ of execution. We also undertook actions on set-off of the client’s obligation under the counter writ of execution with client’s receivables under the insolvency case.

The Law Firm’s work on the insolvency cases included all encompassing provision of initial and subsequent legal advice on the general line of defense as well as on the particular legal steps, including but not limited to the accomplishment of the necessary paper work.

The work above represent a challenge for the professional skills of the lawyers involved since it required simultaneous implementation of various legal instruments, precise follow-up of many legal procedures, flexibility, practical experience, risk management and understanding of the cases in the light of legal realities in conjunction with the and client’s interests.

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