|
|
Acceptance of Foreign Court Ruling on Bankruptcy
Article 757.
On conditions of reciprocity the Republic of Bulgaria shall honour foreign court ruling of bankruptcy, provided it is taken by an authority of the state where the debtor's registered main office is located.
Powers of a Receiver in Bankruptcy Appointed by Foreign Court of Law
Article 758.
A receiver in bankruptcy appointed by a foreign court ruling shall have the powers envisaged in the state where the bankruptcy proceedings are initiated, provided they do not contradict public order rules of the Republic of Bulgaria.
Supplementary Bankruptcy Proceedings
Article 759.
- (1)
- At the request of a debtor, receiver in bankruptcy appointed by foreign court of law or a creditor, a Bulgarian court can institute supplementary bankruptcy proceedings concerning a merchant who has been ruled bankrupt by a foreign court, provided he has substantial property within the territory of the Republic of Bulgaria.
- (2)
- The decision pursuant to paragraph 1 shall be effective only in respect of debtor property within the territory of the Republic of Bulgaria.
Effect of Supplementary Proceedings
Article 760.
- (1)
- A claim for repeal lodged by the receiver in bankruptcy with respect of the main or supplementary bankruptcy proceedings shall be deemed to apply to both.
- (2)
- A creditor who has received partial payment under the main proceedings shall participate in the distribution of assets under the supplementary proceedings provided the portion he would get is bigger than the respective portion to be received by the other creditors under the supplementary proceedings.
- (3)
- A plan referred to in Art. 696 can be approved in the supplementary bankruptcy proceedings only with the consent of the receiver in the main bankruptcy proceedings.
- (4)
- When distribution under supplementary proceedings is completed, the remaining property shall be transferred to the property under the main proceedings.
|
|
