site.btaCommercial Register Act Revised Conclusively

The National Assembly passed amendments to the Commercial Register and Non-Profit Legal Entities Register Act on second reading on Wednesday. The changes were approved en bloc by 136 votes in favour.

They require the Registry Agency to use the registers interconnection system to immediately provide cost-free information about the registration or closure of a branch of a legal entity and about the firm, the launch or termination of a liquidation procedure, and any bankruptcy decision. This also applies in cases where the branch of the legal entity is in another EU member state. The information should be entered in the Commercial Register immediately.

The conclusively approved amendments transpose provisions of EU directives on the use of digital instruments and processes in the field of company law.

Within three months after the changes become effective, the justice minister should make sure they are reflected in the ordinance on keeping and accessing the Commercial Register and the Register of Non-profit Entities. Within nine months after the changes become effective, the Bulgarian branches of foreign entities licensed to engage in commercial activities under their national law, should provide information about the seat of the foreign entity, and the information should be entered in Bulgaria's Commercial Register.