Entrepreneurs in our country will be able to declare bankruptcy.
The cabinet is proposing changes to the Commercial Code, which will address this issue for the first time. However, there are no rules for bankruptcy of people who work for a salary, Maritsa writes.
Currently, freelancers cannot declare bankruptcy. The prepared amendments to the Commercial Law concern all those who work for themselves, but are not registered as sole traders and do not have a company.
“These people must also have the means to stabilize their economic activity when problems arise,” said Justice Minister Nadezhda Yordanova.
These are, for example, lawyers, doctors and freelance artists, craftsmen.
If the law is passed, some of the debts can be forgiven, but on the condition that the entrepreneur has no more assets if he has paid at least one third of his obligations and court costs. After that, he will not have the right to practice his craft or profession for three years.
“We aim to make insolvency proceedings in Bulgaria faster and more efficient. 35% of receivables are collected, compared to the EU average of 65%, “said the Minister of Justice.
The project envisions the new bankruptcy rules coming into force next year.
–
