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[LO]SUPPLEMENTARY PROVISIONS
§ 1.
- (1)
-
"Related persons" within the meaning of this Law shall be:
- 1.
- Spouses, relatives on direct line of descent - without any restrictions, relatives on collateral line of descent - up to and including the fourth degree, and in-law lineage - up to and including the third degree;
- 2.
- Employers and employees;
- 3.
- Persons one of which is involved in the management of the other one's company;
- 4.
- Partners;
- 5.
- A company and a person who owns more than 5 percent of the company's voting shares and stock;
- 6.
- Persons whose activities are under the direct or indirect control of a third party;
- 7.
- Persons who exercise joint direct or indirect control over a third party;
- 8.
- Persons one of whom is a commercial agent of the other;
- 9.
- Persons one of whom has made a donation in favour of the other.
- (2)
- "Related persons" shall be also persons who either directly or indirectly participate in the management, control or capital of another person or persons, which may enable them to agree on terms and conditions which differ from the standard practice.
§ 1a
??? within the meaning of this Law shall be a organizational structure which can perform autonomously an economic activity (a shop, atelier, ship, workshop, restaurant, hotel and similar)
§ 2.
Debts in foreign currency shall be converted in Bulgarian leva at the exchange rate of the Bulgarian National Bank as of the date on which the ruling to institute bankruptcy proceedings was taken.
§ 3.
The provisions set forth in Part Four of this Law concerning commercial companies shall apply also to cooperatives - merchants.
§ 4.
With the exception of Art. 2, paragraph 2, subparagraph 4 the provisions of the Transformation and Privatisation of State-Owned and Municipal-Owned Enterprises shall not apply to cases referred to in Art. 700, paragraph 2 of this Law.
§ 5.
- (1)
- Privasation of a state-owned or municipal enterprise with respect to which bankruptcy proceedings have been initiated, can be taken up to the date of the court of jurisdiction over bankruptcy's decree on approval of the list of approved claims under Art. 692.
- (2)
- Bankruptcy proceedings shall be discontinued upon approval by the court of the list of recognised claims under Art. 692.
- (3)
- Unless a Privatisation transaction is concluded within 4 months after the discontinuation of bankruptcy proceedings, the latter shall be resumed.
- (4)
- Cash receipts deriving from the privatisation of enterprises with respect to which bankruptcy proceedings have been initiated, shall be distributed pursuant to Chapter Forty Four, Section I of this Law. The amount which remains after satisfying the creditors shall be distributed pursuant to Art. 6 of the Law on Transformation and Privatisation of State-Owned and Municipal-Owned Enterprises.
§ 6.
This Law shall enter into force on 1 July 1991 and shall repeal Chapters one and two and Article 65, paragraph 4 of Decree 56 on Economic Activity (published State Gazette No. 4 of 1989; rectification published No. 16 of 1989; amended Nos. 38, 39 and 62 of 1989, Nos. 21, 31 and 101 of 1990, Nos. 15 and 23 of 1991; rectification published No. 25 of 1991)
§ 7.
State-owned and municipal firms registered pursuant to Decree 56 on Economic Activity shall continue their activities under the existing provisions until they are transformed into companies pursuant to Articles 61 and 62 of this Law.
§ 8.
- (1)
-
The registration of firms pursuant to Decree 56 on Economic Activity shall remain valid, and the following changes shall be made ex lege:
- 1.
- sole proprietor firms shall be deemed sole proprietors. The name as provided for in Article 59 shall be added if missing;
- 2.
- collective or partnership firms of individuals shall be deemed general partnerships. The necessary extension pursuant to article 77 shall be added;
- 3.
- limited liability firms shall be deemed limited liability companies. The extension "firma s ogranichena otgovornost" or "OOF" shall be replaced with "druzhestvo s ogranichena otgovornost" or "OOD". The firm's head shall become ex lege the company's manager;
- 4.
- joint stock firms shall be deemed joint stock companies. The extension "aktsionerna firma" or "AF" shall be replaced with "aktsionerno druzhestvo" or "AD". The functions of the firm's manager shall be assumed by the company's management board;
- 5.
- unlimited liability firms which have not issued stock shall be deemed limited partnerships. The extension "firma s neogranichena otgovornost" or "NOF" shall be replaced with "komanditno druzhestvo" or "KD";
- 6.
- unlimited liability firms which have issued stock shall be deemed partnerships limited by shares. The extension "firma s neogranichena otgovornost" or "NOF" shall be replaced with "komanditno druzhestvo s aktsii" or "KDA".
- (2)
- The previous paragraph shall apply mutatis mutandis to foreign and joint firms in the country incorporated pursuant to chapter five of Decree 56 on Economic Activity.
§ 9.
- (1)
- Persons who are carrying on economic activities pursuant to Council of Ministers Decree No. 35 of 1987 (State Gazette No. 48 of 1987) and pursuant to issued on the basis of this decree regulations, and who are merchants within the meaning of this Law, must register within 6 months of the entry into force of this Law.
- (2)
- The deadline under the previous paragraph shall be deemed observed if the respective application is made prior to its expiration.
§ 10
.
- (1)
- Clauses in articles of incorporation or partnership and in by-laws of firms which have been registered prior to the entry into force of this Law and which are inconsistent with its mandatory provisions shall be replaced ex lege with the respective provisions of this Law.
- (2)
- On pending applications for registration the court shall provide, if necessary, a deadline to the interested parties to bring their articles or, respectively, by-laws, in conformity with the provisions of this Law.
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