The Bulgarian Startup Association (BESCO) starts a discussion on potential legislative changes related to liquidation processes and insolvency for SMEs. The reason is that at the moment in Bulgaria they are cumbersome and complicated.

As a result, there are frequent abuses and violations, as well as thousands of registered inactive companies that distort the statistics for economic activity in the country.

In this regard, a study is being conducted, as a result of which it will be prepared economic analysis of the potential economic benefits for the country and the individual companies if deadlines are shortened and the procedures in question are facilitated.

BESCO invites companies that have gone through liquidation procedures and insolvency, have an interest in the subject, and have specific suggestions to get involved in market advise, so that:

  • To determine exactly what the needs of the business are;
  • Make proposals on how liquidation procedures can and do insolvency in Bulgaria to improve;
  • Define specific parameters (eg turnover, available assets, number of employees) for the companies that are entitled to benefit from simplified procedures for SMEs;
  • To define criteria according to which a company is not entitled to benefits from a light procedure (eg at the level of indebtedness);
  • Identify the circle of creditors and other stakeholders with whom the procedure must be followed.

As a result of market consultations and public discussions, it will be prepared legal and economic analysis of current procedures, as well as specific proposals how procedures can be optimized.

Anyone interested in participating in market consultations can contact Natanail Stefanov who is a Co-Founder of BESCO on his email at

The mission of the Bulgarian Startup Association is to improve
 the current Bulgarian legislation and to offer modern market-oriented policies based on innovation and progressive thinking.

we believe that value-added activities based on research and development, innovation, and entrepreneurial inspiration will shape our economy."