Banking & Finance Law
Overview
- Banking compliance;
- Financial restructuring;
- Guaranteed deposits;
- Bank guarantees;
- Letters of credit;
- Promissory notes;
- Facility agreements;
- Legal asset quality review and credit portfolio due diligence;
- Payment services and systems;
- e-Banking;
- Clearance & Netting;
- Suspension of bank activity;
- Conservatorship;
- Bank insolvency;
- Debt recovery and collection;
- Debt restructuring;
- Repo transactions;
- Swaps;
- Derivatives and financial products;
- Government securities;
- Assignments;
- Financial collaterals;
- Pledges;
- Special pledges;
- Mortgages.
- Listing of companies, investment intermediaries, alternative investment fund managers, insurance brokers, REITs, etc.;
- IPOs;
- SPOs & tender offers;
- Delisting of public companies;
- Compliance;
- Convening and organizing general meetings of shareholders and bondholders of public companies;
- Trading and transfer of securities (shares, bonds, etc.).
- Providing legal assistance with regard to the biggest bank insolvency in Bulgaria having a serious impact on the payment systems and services in the country;
- Representation of the biggest Bulgarian bank in insolvency in the appeal of the Bulgarian National Bank’s decision for termination of the bank’s licence, and reversing the established court practice;
- Engaged in the full legal due diligence and subsequent asset quality review and asset evaluation exercise of 95.4% of the loan and 99.1% of the investment portfolio of the fourth biggest Bulgarian bank, as part of the first asset quality review exercise assigned by the regulator in Bulgaria.
Representative Experience
- Full and thorough legal due diligence of more than 95% of the above EUR 2.76 billion credit portfolio of the bank was performed for the purposes of verifying its compliance with the applicable legal requirements and the validity of the available collaterals;
- Advising the conservators and syndics of the bank in the process of payment of state guarantees due to more than 108 thousand depositors of the bank by the Bulgarian Bank Deposits Insurance Fund and revision of hundreds of appeals of depositors through a period of 5 months;
- Successfully represented the conservators and the syndics of the bank in the appeal of the Bulgarian National Bank’s decision for termination of the bank’s licence before the Supreme Administrative Court, which cited a number of our arguments to dismiss all appeals;
- Achieved an extremely prompt declaring of the bank’s insolvency by the Sofia City Court – just five months after the termination of the licence;
- Following the opening of the insolvency proceedings, the date of insolvency was successfully appealed and was set by the Sofia Court of Appeal at the date of placing the bank under special supervision, and thereby, the established court practice was reversed;
- Preparation and launching of legal actions and subsequent legal representation in numerous debt recovery activities of the insolvent bank at a gross value of more than EUR 1.3 billion;
- As advisors of the bank conservators and syndics, the team of Dimitrov, Petrov & Co. Law Firm performed the important role to advise the day-to-day activities of the insolvent bank.
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