Law Amending The Law On Banking Insolvency

Original Language Title: Закон за изменение и допълнение на Закона за банковата несъстоятелност

Read the untranslated law here: http://parliament.bg/bg/laws/ID/42059/

Name of law Law amending and supplementing the law on Bank bankruptcy Bill name WALL of Bank bankruptcy law adoption date 14/04/2016 number/year Official Gazette 33/2016 Decree No 108

On the grounds of art. 98, paragraph 4 of the Constitution of the Republic of Bulgaria

I DECLARE:

To be published in the Official Gazette the law amending the law on banking insolvency HLIÌI, adopted by the National Assembly on 14 April 2016.

Issued in Sofia on 19 April 2016.

The President of the Republic: Rosen Plevneliev

Stamped with the State seal.

Minister of Justice:

Catherine Dana

LAW

amending the law on banking insolvency (official SG. 92 of 2002; amended 67/2003, 36/2004, no. 31 and 105 by 2005, issue 30, 34, 59 and 80 in 2006 and 53/59 of 2007, 67/2008 No. 105 from 2011, no. 98 of 2014 and PCs. 22 , 41, 50, 61, and 62 94 by 2015.)

§ 1. In art. 12 (a), para. 2, 12 sentences are created the second, third and fourth: "the contract under the preceding sentence cannot contain confidentiality clauses, restricting public access to it in accordance with this law. Within 7 days of signing of the contract and/or annexes and the annexes thereto, the interim trustee announced on their page on the Internet information about subject matter, artist, his international experience, the period of performance and damages, if any are provided. The interim trustee is required, regardless of the contractual clauses of confidentiality after the adoption of the report of the persons employed on this point, to publish it on Bulgarian language of your page, with the exception of the recommendations on the collection of the claims made in the report. "

§ 2. In art. 19, para. 1 the words "appointed by the Central Bank ' shall be deleted.

§ 3. In art. 25, para. 1, item 13, after the words "has not been" added "in the last two years before the date of the bankruptcy decision.

§ 4. In art. 30, para. 2 the first sentence shall be replaced by the following: "With the appointment of the trustee of the Fund, the Governing Council lays down initial monthly payment of the appointed trustee for individuals for up to the date of initiation of liquidation provided for in the approved programme for cashing in on the property of the bankruptcy estate."

§ 5. In art. 31 the following amendments and supplements: 1. Al. 1:

a) in item 17 created a new second sentence and the third and fourth sentences: "the contract under the preceding sentence cannot contain confidentiality clauses, restricting public access to it in accordance with this law. Within 7 days of the signing of the contract and/or annexes and annexes the Administrator announced on their page on the Internet information about artist, his international experience, the period of performance and damages, if any are provided. The administrator is obliged, regardless of contractual clauses of confidentiality after the adoption of the report of the persons employed on this point, to publish it on Bulgarian language of your page, with the exception of the recommendations on the collection of the claims made in the report. ", and the current second sentence becomes the fifth sentence;

(b)) a new item 18:

"18. carry out actions under art. 62, para. 12 and 13 of the law on credit institutions; "

in the past 18 t) became item 19.

2. Paragraph 3 shall be amended as follows:

"(3) the official receiver can independently, in its sole discretion, to designate the persons empowered to represent him in proceedings in cases in which he is a party or the Bank, or to bring such cases."

§ 6. In art. 32, para. 6, first sentence, the word "weekly" is replaced by "monthly".

§ 7. In art. 39, para. 1 make the following amendments and additions:

1. In paragraph 7 the figure "3000" is replaced by "10 000" and the second sentence: "no authorization is required by the Fund for payment of due Government and other charges taken by the referee's actions for the completion of the bankruptcy pursuant to tariffs adopted by the Council of Ministers."

2. Section 19 is repealed.

§ 8. In art. 40 al. 6 is repealed.

§ 9. In art. 46, para. 1, point 7, the words "article. 59, para. 3 and 5 or art. 60 ' shall be replaced by "art. 59, para. 3 and 5, art. 60 and article. 60 (a), as well as of art. 135 of the law on obligations and contracts ".

§ 10. In art. 48 following amendments and supplements shall be made:

1. In paragraph 8. 1 at the end of the first sentence is a comma and add "as are announced and in the commercial register.

2. paragraph 2 is replaced by the following:

"(2) the definitions and the decisions of the courts, which are open to appeal shall be served on interested parties from the day of their announcement in the commercial register."

§ 11. In art. 52 al. 4 shall be amended as follows:

"(4) the trustee shall provide, without delay, submit to the Fund documents of inventory and assessment and likvidacionniâ balance, as well as a report summary of the evaluation and likvidacionniâ balance in the main categories of assets. The report shall be sent, for information, in the National Assembly within three days from the date of its receipt. "

§ 12. In art. 54 t. 5 is repealed.

§ 13. In art. 55 the following modifications are made:

1. Paragraph 4 is hereby repealed.

2. in the Al. 9 the words "by order of the President" shall be replaced by "decision".

3. in the Al. 10 the words "Orders of the President" is replaced by "decisions".

§ 14. In art. 62, para. 2, second sentence, after the word "country" is a comma and added "and if the claim is rejected, the State fee shall be collected by the bankruptcy estate.

§ 15. In art. 66, para. 7, after the word "Compose" is added and announced in the trade register.

§ 16. In art. 68 following amendments and supplements shall be made:

1. Paragraph 1 shall be amended as follows:


"(1) the Court shall consider the bankruptcy under art. 66, para. 6 objections to any accepted and missed making the separate production, in an open session with the participation of the official receiver, the creditor with the challenged decision and whomsoever made an objection by a creditor shall take a decision. "

2. a new paragraph. 2:

"(2) For the open hearing on al. 1 the Parties shall be summoned by the proclamation of the message in the commercial register. "

3. The current paragraph. 2 it al. 3.

4. The current paragraph. 3 it al. 4.

§ 17. In art. 69 following amendments and supplements shall be made: 1. In para. 1 the words "art everywhere. 68, para. 2 "are replaced by" article. 68, para. 3. "

2. in the Al. 2, after the words "decisions" insert "art. 20, para. 4 "and a comma and the words" art. 68, para. 2 "are replaced by" article. 68, para. 3. "

§ 18. In art. 71 following amendments and supplements shall be made:

1. In the title the words "Supplement" is replaced by "changes".

2. in the Al. 1 the words "art. 68, para. 2 "are replaced by" article. 68, para. 3. "

3. a new paragraph. 2:

"(2) the list under art. 67, para. 2 changes by the liquidator and where the Fund was sentenced by a final judgment to pay the depositor, claimed from him by making deposits. "

4. The current paragraph. 2 it al. 3 and in her words "complement" is replaced by "change".

5. The current paragraph. 3 it al. 4 the word "Padded" is replaced by "Changed".

§ 19. In art. 74, para. 2 the word "sale" shall be replaced by "selling".

§ 20. In art. 78, para. 1, the words "within 14 days of the completion of the inventory under art. 52 "is replaced by" within two months of the preparation of the assessment under art. 80, al. 1. "

§ 21. Article 80 shall be amended as follows:

"Evaluation of the possessions and rights

Art. 80. (1) the things and rights which are described by the procedure of art. 79, shall be valued at their market value by external experts appointed by the order of art. 52, para. 2.

(2) in carrying out an assessment of the individual assets the trustee can determine the materiality threshold for specific positions with a total book value of up to 0.5 percent of the total value of the assets at the date of the decision for the opening of insolvency proceedings and with individual book value of not more than $ 2,000. for tangible assets. These assets are reflected in the evaluation at their net book value.

(3) Outstanding loans as at the date of the decision to open insolvency proceedings, which have been fully repaid with cash at a later date, but before the completion of the assessment shall be included in the assessment of the value of recoveries.

(4) the assessment of real property cannot be less than their tax assessment, and assessment of motor vehicles – from their insurance score.

(5) the conclusion of the assessment shall be made in writing and submitted to the official receiver not later than the date on which the inventory of the property or right. The conclusion should be described the methods used to evaluate and to suggest reasons for the indicated value of the thing or right. Access to full information and reports with individual assessment of individual assets have only the trustee and the Fund. Other creditors receive access only to the report containing summarized information on the main categories of assets and the methodology for the assessment of property and rights of the bankruptcy estate.

(6) if the trustee has objections to the assessment, he may, within three days of receipt to request ù from the Board of the Fund, a review of the assessment, indicating the reasons for writing this. If a creditor in the insolvency proceedings has objections to the report referred to in the fourth sentence of paragraph 6. 5, he may, within three days from the date of gaining access to the same report request by the Governing Council of the Fund, a review of the assessment, indicating the reasons for writing this. Access to the creditors to report the fourth sentence of paragraph 6. 5 shall be provided by the official receiver. The administrator, with the approval of the Fund determines the order for the introduction of the same report.

(7) if the request under para. 6 for reasonable, the Governing Council of the Fund schedule a new score from specialized audit company that meets the requirements of art. 76 of the law on credit institutions, whose score is final. The new assessment is indicated in the inventory by the liquidator.

(8) the remuneration of the evaluators of assets and rights shall be determined by the administrator and approved by the Fund in accordance with art. 52 or 55. "

§ 22. In art. 82 is hereby amended as follows: 1. In para. 1 the word "3-day" is replaced by "7-day", and the words "art. 80, al. 5 ' shall be replaced by "art. 80, al. 7. "

2. in the Al. 5, the words "article. 80, al. 2 or 5 "are replaced by" article. 80, al. 5 or 7 ".

3. in the Al. 6, item 1 the words "art. 80, al. 5 ' shall be replaced by "art. 80, al. 7. "

§ 23. In art. 83 is hereby amended as follows:

1. In paragraph 8. 1 the word "3-day" is replaced by "7-day".

2. in the Al. 3 the words ' prominent place in the building in the registered office of the Bank "shall be replaced by" location for messages, defined by the administrator.

§ 24. In art. 84 the following modifications are made:

1. In paragraph 8. 4 the word "5 months" is replaced by "9 months".

2. in the Al. 5, the words "9 months" are replaced by "one year".

§ 25. In art. 87 following amendments and supplements shall be made:

1. In paragraph 8. 4 creating a second sentence: "other financial and equity instruments that are traded on an Exchange or on another regulated market, can be cashed, be offered for trading on the relevant market by selling more stock prices after the authorization of the Management Board of the Fund."

2. in the Al. 7, paragraph 1, the words "property rights" are replaced with "property, rights and assets.

3. in the Al. 9, after the words "under para. 5 "and 7" is added ".


§ 26. In art. 89, para. 1 the first sentence shall be replaced by the following: "the appeal shall be dealt with by the Court in the bankruptcy to a panel of three judges, applying the provisions of articles 5 and 6 respectively. 435-438 of the code of civil procedure. "

§ 27. In art. 99, para. 4 in the first sentence, after the word "Court" is added "to a panel of three judges", a second sentence shall be replaced by the following: "the Court shall take a decision within 7 days from the date of the meeting, which examined the complaint."

§ 28. In art. After the words "carried out 100 distribution" a comma and the comma after the words "art. 65, para. 2 "shall be deleted.

Transitional and final provisions

§ 29. Provisions of this law shall also apply to insolvency proceedings of banks found pending its entry into force, and the concluded contracts on them.

§ 30. In the public offering of securities (official SG. 114 since 1999; amend., SG. 63 and 92 of 2000, issue 28, 61, 93 and 101 in 2002, no. 8, 31, 67 and 71 in 2003, 37/2004, no. 19, 31, 39, 103 and 105 by 2005, issue 30, 33, 34, 59 , 63, 80, 84, 86 and 105, 2006, issue. 25, 52, 53 and 109 from 2007, PCs. 67 and 69 by 2008, PCs. 23, 24, 42 and 93 from 2009, PCs. 43 and 101 of 2010, PC. 57 and 77 from 2011, issue. 21, 94 and 103 by 2012 PCs. 109 by 2013 and St. 34, 61, 62, 95 and 102 of 2015) in art. 119, para. 1 creating item 5: "5. the company is a bank that is open bankruptcy proceedings. "

§ 31. In the law on credit institutions (official SG. 59 06; amend., 105/2006, no. 52, 59 and 109 from the 2007 No. 69 since 2008, no. 23, 24, 44, 93 and 95 of 2009, 94 and 101 of 2010 and 77/105 from 2011, and 38/44 by 2012. , PC. 52, 70 and 109 in 2013, PCs. 22, 27, 35 and 53 by 2014 and PCs. 14, 22, 50, 62, and 94 by 2015.) in art. 62 following amendments and supplements shall be made:

1. In paragraph 8. 6:

a) in item 10, after the word "banks" and "be added to the official receiver of the Bank in bankruptcy proceedings";

b) 11 is created:

"11. the liquidator of the Bank in bankruptcy proceedings – on debtors of the Bank whose loans are in arrears.

2. in the Al. 12:

a) a new item 5:

5. natural and legal persons and the amount of their loans that are overdue liabilities at the date of the disclosure; This list shall be periodically supplemented with those in arrears in debt after its initial disclosure; "

(b)) the current item 5 and 6 shall become item 6 and 7.

3. in the Al. 13 the words ' 5 and 6 ' shall be replaced by ' 6 and 7 ".

4. in the Al. 16:

a) a new item 5:

"5. in the Al. 12, item 5 – the names of the individuals, the names and legal form of legal persons, sole traders and nepersonificiranite entities, amount of credit and the late obligation; "

(b)) the current item 5 becomes item 6 and in her words "item 5" shall be replaced by ' 6 ";

in the past) so 6 becomes item 7 and in her words "item 6" shall be replaced by "7".

§ 32. The administrator of the Bank in bankruptcy proceedings disclose the list under art. 62, para. 12, item 5 of the law on credit institutions within 6 months from the entry into force of this law.

§ 33. The law shall enter into force on the day of its publication in the Official Gazette.

The law was passed by the National Assembly-43 on April 14, 2016 and is stamped with the official seal of the National Assembly.

President of the National Assembly Tsetska Tsacheva:

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