We advised the client, a Bulgarian holding company combining several types of commercial activities, on the best type of corporate restructuring which will enable the client to concentrate its railway business in a new holding company owning two subsidiaries. The process is comprised of both tax and corporate advice. Our team lead and managed the whole process of the corporate transformation though separation. This included incorporating a new holding company, drafting a separation agreement, and executing corporate management bodies resolution in order to dully register with the Bulgarian authorities the restructuring. During the process we advised on additional matters such as relations with creditors and contractors, accounting standards, and anti-money laundering regulations, but the sore of the assignment was to develop the principle of restructuring which most suits the commercial and economic goals of the client.