Publication of acts in insolvency proceedings in the Commercial Register

Article 2 of the Commercial Register Act defines the Commercial Register as a single centralised electronic database. It contains both particulars entered under Article 4 of the Act and acts published under Article 5 to which the law gives publicity. In the case of an act, it is publication in the Register that makes the act itself public (Article 9(1) of the Act). Registration of a particular records information about that particular alone. Publication under Article 5, by contrast, places the contents of the act in the Register.

The Commercial Register is open to everyone. It provides full, current and accurate information on a trader’s status and on insolvency proceedings, including steps taken by the court and the insolvency practitioner. Acts in the proceedings are reflected in the Register. Notices concerning creditors’ meetings are likewise published in the debtor’s register file. Legislative changes concerning the Register give creditors grounds for relying on its information about traders, including the debtor in insolvency proceedings.

The interpretation discussed here concerns the wording of Article 679(3) of the Commerce Act providing for publication of the summons in the State Gazette. On this reading, that wording should be qualified in light of the later version of the general rule on service in Article 619(3) of the Act and by analogy with notice to creditors of meetings scheduled by the court. This interpretation would accord with Article 679(2), which sets a directory time limit for hearing the application. Courts in the Varna appellate district accepted such an interpretation as permissible: in order No. 221 of 18.04.2012 in interlocutory commercial appeal No. 221/2012, the Varna Court of Appeal upheld an order made in proceedings in which notice had been given in this way.

If you have questions or face proceedings concerning insolvency, consult a lawyer who practises commercial law. This article does not constitute a legal opinion or legal advice concerning any particular situation or person. For legal assistance with a specific case, consult a lawyer.