site.btaUS Arbitration Lawyer: Bulgaria Outperforms Neighbours in Arbitration Cases

Bulgaria is performing relatively well in terms of the number of arbitration cases filed against it compared to its regional neighbours, Rémy Gerbay, a partner in the Hughes Hubbard & Reed law firm, which specializes in international arbitration and investment disputes, said here on Tuesday. He spoke at the international conference Cross Border Investments in a Changing World: Sanctions, Screening and Dispute Resolutions, organized by the Bulgarian Chamber of Commerce and Industry (BCCI) in Sofia.

Gerbay assessed Bulgaria's current situation, suggesting that the country is performing relatively well compared to its regional neighbours. He said that Bulgaria has only 12 cases, significantly fewer than Romania, which has twice as many. Furthermore, claims against Serbia and Turkiye also surpass those against Bulgaria, while Greece has only five cases.

Gerbay raised concerns about the number of cases that could have been avoided through better decision-making by the administration. He said that many of these cases might never reach court if Bulgaria had an effective mechanism for monitoring the investment phase.

He argued that Bulgaria needs to address this issue, as it has long-standing implications for investor confidence. Investors tend to follow the progress of cases and hearings closely, and any unresolved cases could lead them to seek opportunities elsewhere.

While Gerbay acknowledged that 12 cases might not seem a substantial number, he warned that losing a single case could result in compensation costs amounting to hundreds of millions of dollars.