Ministry of Justice drafts brand new personal insolvency bill

The consultations on the personal insolvency act will take place until 11 December. The request for personal insolvency shall be entirely voluntary and aims to provide fair satisfaction to creditors by way of a 3-year debt repayment plan by the debtor, guaranteeing subsistence protection for the debtor by setting down immunity from seizure of part of the debtor’s property. The bill also envisages legal procedures for persons with no incomes and property who are good faith debtors.

The consultations on the amendments to the act on whistleblower protection or protection of persons who make public information on breaches of Bulgarian or EU law will take place until 25 November. Persons practicing law who are bound to professional secrecy shall be protected when reporting breaches of Bulgarian or EU law endangering or damaging the public interest.