Name of law Law amending and supplementing the law on Bank bankruptcy Bill name a bill amending and supplementing the law on banking insolvency date of acceptance 18/03/2015 number/year Official Gazette 22/2015 Decree No 44

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 HLIII, adopted by the National Assembly on 18 March 2015.

Issued in Sofia on March 20, 2015.

The President of the Republic: Rosen Plevneliev

Stamped with the State seal.

Minister of Justice: Hristo Ivanov

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 by 98/2014)

§ 1. In art. 12 make the following amendments and additions:

1. Paragraph 1 shall be amended as follows:

"(1) before you take a decision on the request of the Central Bank for opening of the insolvency proceedings, the Court shall:

1. at the request of the Central Bank or by the Fund may:

a) allow measures under art. 13, para. 1, item 5;

(b)) and the ruled stop the arbitration proceedings against the assets of the Bank;

to allow other) prescribed by law measures that guarantee the property of the Bank;

2. at the request of the Fund appoints a temporary trustee proposed by the Fund when the Quaestors are appointed by the Central Bank before the decision on the withdrawal of the licence to perform banking activities. "

2. in the Al. 2 creates a second sentence: "the Court is required to appoint a provisional liquidator proposed by the Fund in the period referred to in the first sentence, when he gave written consent for it and meet the requirements of art. 25. "

3. Create a new para. 6 and 7:

"(6) with the appointment of a temporary trustee powers of the Quaestors shall be terminated.

(7) the definition of the Court for the appointment of an interim receiver, and the name and address of the persons appointed to the interim trustee shall be entered in the commercial register. Entered in the commercial register and the changes in the circumstances referred to in the first sentence. The definition and is sent to the Central Bank. "

4. the Previous para. 6 and 7 become Al respectively. 8 and 9.

§ 2. In chapter II, section I created art. 12 (a):

"Temporary receivership

Art. 12. (1) a Court Appointed receiver Office until the appointment of a trustee under art. 26. the Fund determines the current remuneration of the receiver in accordance with art. 30, para. 7, which shall be paid on a monthly basis at the expense of the Bank. The interim trustee shall insure in accordance with art. 663 a of the commercial code. The relationship between the provisional liquidator and the Fund are governed by contract.

(2) the interim trustee shall have the following powers:

1. represents the Bank licence revoked;

2. manages the current affairs of the Bank;

3. preserve, filled in and manages the assets of the Bank;

4. receive under inventory, store and keep business books and letters of the Bank;

5. seek and specify the property of the Bank;

6. under the conditions laid down in the law, make requests for termination, rescission or annulment of transactions in which the Bank is a party;

7. participate in the proceedings on the cases in which the Bank is a party and brought on her behalf matters;

8. collect monetary claims of the Bank;

9. with the authorization of the Fund shall dispose of cash to the Bank, including the amounts in the bank accounts of which the Bank is the holder, if necessary in conjunction with the management and conservation of the assets of the Bank or with the operation of other expenses;

10. want stay of execution in the case of actions and transactions carried out in violation of the prohibitions referred to in art. 3, al. 2 of this Act or under art. 116, para. 2, item 2-4 of the law on credit institutions;

11. claims brought under art. 59, para. 3 or 5, art. 60 and 60 (a) of this Act and in art. 135 of the law on obligations and contracts and requests for collateral in connection with them, as referred to in art. 60, para. 1 and 2, the time limits shall be calculated in relation to the date of placing the Bank under special supervision under the conditions and by the order of Chapter Eleven, section VIII of the law on credit institutions, including a measure under art. 116, para. 2, item 2 of the same law;

12. with the approval or at the proposal of the Management Board of the Fund entrusted to persons possessing the necessary international experience in the investigation of bank failures, to perform actions on the track and to recommend action to preserve receiver and return on assets of bank assets that the Bank has ordered in violation of the law, good banking practices and/or when the considerably exceeds the and in the case of loans with insufficient or missing collateral or related persons, when such transactions or transactions have resulted in a deterioration of its financial situation.

(3) the interim trustee shall be exempt from the Court on a proposal from the Fund at any time under the conditions of art. 29, para. 1. Article 12, para. 2 shall apply accordingly.

(4) the provisions of art. 31, para. 2, art. 32-37 and of art. 41, para. 1, item 1 – 3, 5 and 6, al. 2, item 1 – 5 and para. 3-6 shall apply accordingly for the provisional liquidator.

(5) all employees of the Bank, State bodies and organisations are obliged to assist the provisional liquidator in the exercise of its powers.


(6) the interim trustee of the Fund sends weekly reports on its activities, in which describes all their actions in the exercise of its powers under para. 2. the Fund shall immediately publish reports on its website, with the exception of information protected by law. The reports shall also be forwarded to the Minister of finance. "

§ 3. In art. 25, para. 3, after the word "Bank" is added "including a temporary receivership".

§ 4. In art. 26, al. 1 to create the second and third sentences: "the Fund may appoint a receiver for the receivership. The list referred to in the first sentence shall be published on the website of the Central Bank. "

§ 5. In art. 29, para. 1, item 7, after the word "Fund" shall be inserted "or on the proposal of the Minister of finance, when".

§ 6. In art. 31, para. 1 make the following amendments and additions:

1. a new item 17:

17. "with the consent or at the proposal of the Management Board of the Fund entrusted to persons possessing the necessary international experience in the investigation of bank failures, to perform actions on the track and to recommend to the administrator action to preserve and return to the property of the Bank of the assets with which the Bank has ordered in violation of the law, good banking practices and/or when the considerably exceeds the and in the case of loans with insufficient or missing collateral or related persons, when such transactions or transactions have resulted in a deterioration of its financial situation; the administrator can assign the actions referred to in the first sentence and the person under art. 12 (a), para. 2, t. 12, determined by the receiver; ".

2. Current item 17 becomes t. 18.

§ 7. In art. 32 the following endorsements are added:

1. In paragraph 8. 3 creating the third sentence: "at the request of the creditors, the official receiver may provide and other information related to its activities."

2. a para. 6:

"(6) the administrator of the Fund sends weekly reports on its activities, in which describes all their actions in the exercise of his powers under art. 31, para. 1. the Fund shall immediately publish reports on its website, with the exception of information protected by law. The reports shall also be forwarded to the Minister of finance. "

§ 8. In art. 39 following amendments and supplements shall be made:

1. In paragraph 8. 1, item 13 the words "brought before the Court under the Bankruptcy Act" shall be replaced by the words "Decides to bring to the Court of bankruptcy of" and the words "art. 59, para. 3 and 5 and art. 60 ' shall be replaced by "art. 59, para. 3 or 5, art. 60 and article. 60.

2. in the Al. 3 the words "para. 1, item 1, 2, 11, 12, 14, 15 and 17 shall be replaced by "para. 1, item 1, 2, 4, 5, 8, 11, 12, 13, 14, 15 and 17.

3. in the Al. 7, the words ' every three months ' is replaced by ' at least once a month "and the second sentence:" the report together with the minutes of the meeting shall be sent without delay, for information, in the National Assembly. "

§ 9. In art. 43 creates a second sentence: "the book is kept in electronic format and is accessible on the website of the Fund."

§ 10. In art. 52, para. 4 creating a second sentence: "the documents shall be sent, for information, in the National Assembly within three days of receiving them."

§ 11. In art. 53 following amendments and supplements shall be made:

1. a new paragraph. 2:

"(2) at the request of the liquidator or of the Fund, the Court may allow security of claims aimed at completion of the bankruptcy estate. The securing of a claim is permitted when the request is supported by sufficient evidence, on the basis of which one can make an educated guess that the claim is founded. "

2. The current paragraph. 2 it al. 3 and after the words "para. 1 "insert" and 2 ".

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

1. In paragraph 8. 3 the words "the President of ' shall be deleted.

2. in the Al. 5, the words "the Chairman of the management" is replaced by "governing".

3. in the Al. 7 the words "Chairman" shall be deleted.

§ 13. In art. 60 is made the following changes and additions:

1. In paragraph 8. 1 in the text before paragraph 1, the word ' may ' shall be replaced by "except as provided by law, may be".

2. in the Al. 5, after the words "carried out by" insert "or" receiver.

§ 14. Art is created. 60A:

"Claims for the return of property obtained

Art. 60. (1) the trustee, the interim trustee or the Fund can claim in bankruptcy court for return of property received originated from the Bank against any third party in cases where:

1. the third party has not fulfilled the consideration or the same is substantially lower than the value received, or

2. the third party has received in the form of cash and/or in-kind contribution in its capital.

(2) A claim under para. 1 don't collect State tax in advance. If the action be respected, next to state tax is collected from convicted leader, and if the claim is rejected, the State fee shall be collected by the bankruptcy estate. "

§ 15. In art. 62, para. 1, after the words "claims under art. 60 "insert" under art. 60 and under art. 135 of the law on obligations and contracts ".

§ 16. In art. 106, para. 2 creates a second sentence: "the Fund shall send a report to the official receiver for information in the National Assembly within three days from the date of its receipt."

§ 17. In § 1 of the additional provisions establishes that: 6

"6." Origin of the Bank "means any initial provision of funds by the Bank and/or property rights of its debt, including the collateral, which in the same or in an amended form became part of patrimoniuma to any third party, regardless of the number of intermediate transfers and legal form."

Transitional and final provisions


§ 18. In the law on deposit insurance in banks (official SG. 49 of 1998; amend., SG. 73, 153 and 155 of 1998 No. 54 of 1999, 109/2001, no. 92 and 118 of 2002, no. 31 and 39 since 2005, issue 59, 64 and 86 by 2006, issue 67 and 98 in 2008. , PC. 42 and 44 of 2009, PCs. 97 and 101 of 2010, PC. 109 by 2013 and St. 98 by 2014) in art. 9, para. 4 creating the third sentence: "the members of the management board with the expired term continued the implementation of its powers to the definition of new members."

§ 19. In the law of forfeiture to the State of illegally acquired property (official SG. 38 by 2012, a decision of the Constitutional Court No. 13 by 2012 – the No. 82 by 2012; amend., SG. 102 and 103 of the 2012 No. 15 by 2013; decision No 2 of the Constitutional Court by 2013 – No. 50 by 2013; amend. , PC. 66 by 2013, PCs. 98 by 2014 and PCs. 14 by 2015.) in § 1 of the supplementary provision in paragraph 2 (b), add "or exercise control within the meaning of § 1, item 4 of the additional provisions of the tax-insurance procedure code."

§ 20. 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 by 2015.) make the following additions:

1. In art. 62, para. 6 item 10 is created:

"10. The Fund for guaranteeing bank deposits, in the cases under art. 60 (a) of the law on banking and insolvency in respect of third parties, when cpeŝy them is taken otmenitelen action. "

 2. In art. 151, para. 3 creating the third sentence: "the Court shall decide on the appeal within one month of the formation of the initiating or further proceedings."

§ 21. This law also applies to pending cases instituted at the request of the Bulgarian National Bank under art. 37, para. 2 of the law on credit institutions, or by challenging the individual administrative acts of the National Bank under art. 36 of the law on credit institutions.

§ 22. 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 18 March 2015 and is stamped with the official seal of the National Assembly.

President of the National Assembly Tsetska Tsacheva:

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