14.10.2014
In March 2014 BWSP Ilieva, Voutcheva & Co. Law Firm was assigned by a shareholder and Managing Director of a group of companies to represent him and the companies in negotiations with one of Bulgarian banks in relation to the restructuring of a series of credit line agreements, to which he was jointly and severally liable. The case is of exceptional factual and legal complexity. From the factual side, it presented a challenge, first because of the relatively late stage in which the Law Firm entered the negotiations. In addition, the case concerned over 10 interconnected credit line agreements with more than 4 parties to each agreement and the debt to each credit line agreement was secured with a number of mortgages on properties both in Bulgaria and Greece, bank guarantees, issued by banks and companies in both Bulgaria and Greece. Furthermore, the group of companies and the bank had concluded a Term Sheet for the restructuring of the debt, which was only partially fulfilled by the bank. Due to deteriorated relationships between the
creditor and the Law Firm’s client, the Law Firm had to resort to all available legal means for the protection of the client’s interest. As part of his defence, the Law Firm drafted and submitted a claim in Bulgarian courts for pronouncing that our client’s joint and severe liability was no longer in force by relying on the signed and partially executed Term Sheet. The Law Firm successfully invalidated two Enforcement Orders for immediate execution against the client and at present is waiting а writ of execution to be issued against the bank.
