As of January 3rd, 2018 the new Markets in Financial Instruments Directive (MiFID II) together with the whole applicable legal framework thereof, enters into force for the territory of the European Union. As it is well known, our team of lawyers possesses in-depth knowledge in the field of the European financial regulations and offers on-going legal services to significant investment firms. In view of the challenge of MiFID II, and in order to meet the growing needs of our clients (several investment intermediaries and other players on the same market), we seek to strengthen the team with several legal professionals, having at least 3 years of previous experience in the non-banking financial sector. In case of interest, please contact directly the Managing Partner Radoslav Parushev through email@example.com.
In a litigation initiated by a software company against the National Revenue Agency, the court revoked the tax assessment bill imposing 50 % fine on all dividents payments in cash. Acting as cassation instance with its final decision 4759 fo 14.7.2017, the Administrative Court in the City of Sofia confirmed the revocation by the lower instance court. Merits of the court provide fundamental contribution to the case-low in similar cases, in two separate directions:
I. Before imposing any sanction, tax authorities shall consider if cash payments were possible at all. A software company that has never had any cash inflow, and that had all of its income proceeds through bank transfer, could never be able to initiate any substantial cash payment. The National Revenue Agency may find violation and impose sanction based on accounting error and/or primary documents misstatement.
II. A shareholder can always conduct setting-off (netting-off) with its own company concerning mutually owed amounts.
Those conclusions of the court potentially may have wide practical implications in accounting for dividend payments, as well as in all financial relations between a shareholder and a company in general.
Neli Vladinova – legal assistant at Ovcharov&Parushev law firm, has won the finals of the National Competition in Civil and Commercial law for 2016 together with her team from Sofia University. The competition was divided into a preselection test and three consecutive rounds of pleadings against 23 teams from all over the country. Neli´s team won the finals which were held in Sofia Court House before renowned national judges and university professors. The case was a complicated action for damages, involving controversial issues related to inheritance with an international element and restitution of a land under Statutory Regime of Community of Property.
On behalf of a client – major foreign investor, the team of Ovcharov & Parushev successfully accomplished the procedure of obtaining from the Financial Supervision Commission a License for investment intermediary activities within the territory of EU and EAA.
The license falls under the Markets in Financial Instruments Directive (Directive 2004/39/EC or MiFID) and it is one of the few to be issued in Bulgaria since the EU accession.
The case was supervised by Radoslav Parushev, partner.
This year 'Ovcharov & Parushev' law office will be present at the acclimed architecture forum ONE Architecture Week 2015, one of the leading architectural events in Europe. The presentation is planned for 26 September at 11:00 a.m. (until 13:00 p.m.), to be held at the Maritsa Municipality townhall at the Maritsa riverbank, with address at 57A Maritsa blvd, Plovdiv 4003.
The 'Ideal Competition' discussion is organised by Svilen Ovcharov, one of our lawyers, who will share his experience in consulting competition organisers on the Public Procurements Act (PPA) matters, as well as in representing participants and winners in architectural competitions. Two lawyers and two architects will demonstrate what the characteristics of a good competition are and how to recognise the competition which will be just a waste of time and effort. In addition, the municipalities point of view as investors and organisers of architectural competions under art. 97 of the PPA will be discussed as well. The disscussion panel includes:
Svilen Ovcharov, atorney-at-law, 'Ovcharov & Parushev' law firm
Todor Todorov, chief legal councel of Plovdiv Municipality
The discussion is about to evolve in a workshop later on - a game of two teams (one as competiiton organisers and one as participants) will define what they think is the ideal competition. The workshop results will be identified by the coresponding output of the two teams.
Where: Due to the great interest in the location was changed to a bigger place. Please, be welcome at the Maritsa Municipality townhall at the Maritsa riverbank, with address at 57A Maritsa blvd, Plovdiv 4003.
When: 26.09; 11.00-13.00
No registration required
Language: Bulgarian, no translation
With its decision of 6 April 2015, the Sofia Administrative Court revoked unlawfull rejection of state funding for an international film co-production. The 'Ovcharov & Parushev' law practice was involved in that litigation effort through legal representation and legal counceling to the applicant, one of the leading film producers in Bulgaria.
The case dealt with unlawfull and ungrounded refusal by the National Film Centre (NFC) to grant state funding for a feature film produced by French, Belgian and Bulgarian producers. The movie treated burning social topics, while it was directed by the most awarded Bulgarian film director and it was quite expeted to be scored as primary choice for 2014 by the Art Commission of the NFC. Worths mentioning that the film's budget of € 1 880 000 euro is the bigest through the history of the Bulgarian film industry. The denied subsidy amounted to only 10 % of the film budget.
That particular court decision is a major precedent in the matter of state aid for film industry in Bulgaria, due to the very nature of the case and thanks to the superb and thorough reasoning by Judge T. Zhilova of the Sofia Administrative Court. The decision provides detiled interpretation of the national Film Industry Act, as well as to the application of the European Convention on Cinematographic Co-production and the Agreement on Cinematographic Co-production with France.
The court rules that the NFC cannot stand above the law and in that respect the NFC is no different then any other national authority. The NFC must abide the law, must provide reasoning to all of its acts and to follow established proceedures and requirements that are known to all applicants in advance. Any change of the competition rules later in the proceedure shall be considered unlawfull. Non-written requirements and customs cannot lead to deniel of funding.
Through that court decision and thanks to the efforts of the O&P lawyers, on 2 July 2015 the NFC granted state subsidy to the production.
Update: The film première is expected in 14 October 2015 simultaniously in Paris and Sofia and will be distributed under the title 'Face Down' or 'Tête bassée''. The film received it's first honour at the 'Golden Rose' festival - the best director award.
(the case was supervised by Svilen Ovcharov, partner)
Corporate Law Trainee
You are student in law looking for a job in a leading Corporate Law Firm, but you have no previous experience…
You have the ability to learn quickly and turn around work in an efficient and pragmatic manner…
You have confident and astute personality and you possess utmost discretion skills in using highly confidential and sensitive corporate information...
…then we may have an opportunity for you….
Ovcharov & Parushev is one of the leading Bulgarian Corporate Law practtices, having more than 10 years with proven expertise in Corporate Law and we are looking for passionate and energetic Law Trainee, to join our team.
- Students in law (at Sofia University LF or abroad with IV-th year successfully accomplished);
- Excellent or very good degrees from the Commercial Law, Law on Obligations, General Civil Law;
- Close interests and profound academic knowledge in the fields of Corporate Law, Intellectual Property Law, Administrative Law, Civil Litigation;
- Excellent command in English;
- Ability for work under pressure in an international client environment.
We give our new recruits a great deal of responsibility early in their careers and through coaching and supervision, enable them to work directly with clients and participate in all aspects of deals and cases alongside our associates and partners. We provide the opportunity to a young, non-experienced lawyer to become a high-profile corporate law professional.
We offer flexible hours (part-time option) and remuneration.
In case you are interested, please send a CV and a cover letter to the following e-mail:
Only shortlisted candidates will be contacted for an interview. All submissions will be processed with due respect to the provisions of the Personal Data Protection Act and by sending your application you agree with such processing of your data.
Ovcharov & Parushev Law Firm has recently moved to a new place, yet again in Sofia centre, near the National Television and close to the Military Academy.
The new location address is at 113 'Evlogi i Christo Georgiev' blvd., floor 1, office 6, Sofia 1504, Bulgaria. Phone and fax contacts stay the same. Map of the place and all contacts could be seen here, in the contact section of our web-site.
Our clients are welcome to visit us for a cup of tea.
On 30th October, 2013 the 'Ovcharov & Parushev" team achieved yet another success, now in the field of the Bank Law. By Decision of 30.10.2013 the Sofia Regional Court granted all claims filed against the DSK bank, finding unequal power contracting upon which the bank had unilaterally risen the interest rate on the credit. It is unacceptable, according to the court, for the creditor to unilaterally and arbitrary to determine the interest rate while there lacks any consent on behalf of the other party who received the credit. Such decision affirms a still new case-law on matters concerning the rights under the Banks Act and Consumer Protection Act of the banks, who have unequal power in credit contracts, compering to the other party - the loan borrowers.
What is innovative and contributive in that decision reasonings, is that the court found breach of basic principles of the Commercial Law and the Civill Law in general, provided for in the national Contracts and Obligations Act. Our team has been arguing for such decision for years, since the lede specials in the bank matters often deviate form main principles of the Contract Law and even of the Roman Law - after formation of a contract, no unilateral amendments in its conditions could be valid.
The lawyers team of our law firm express its gratitude towards our client for all the support and proffesionalism in solving the case. Having strong belief in justice we continue working in our clients benefit, facing the particularities on the Bulgarian justice system, as well as the challenges in finding suitable solutions in view of clients best interest.
On the case worked Silvia Ovcharova, attorney-at-law, junior partner in the firm.
A lawyer of 'Ovcharov & Parushev' was presenter in yet another presentation on copyrights and intellectual property issues, this time targeted at freelance professionals and start-ups in the areas of design, advertisement, IT & software. This time it was hosted by the betahaus co-working centre, famous for providing workspace and hosting events for freelancers and start-ups.
The presentation was held on 1st of October 2013 in betahaus at 56-58 Krum Popov str. in Sofia. See the invitation by the organisers:
It is time for the October skill-sharing in betahaus. As we promised last year the events should be twice monthly, now we have the ambition the events of each month to have topics complimentary to each other. Thus for October we prepared two skill-sharing events sharing supplementing copyrights topics.
The first will be held on 1st of October and our guest - lecturer will be well known - Svilen Ovcharov, a lawyer with rich experience in areas as intellectual property, environmental law and media. As expected by his professional background, Svilen Ovcharov will reveal some legal views on use of intellectual property by third-parties.
The event is open and free:
A lawyer of the 'Ovcharov & Parushev' law firm was successfully involved in two-days legal battle over the case concerning the first of the Greenpeace so called 'direct actions' to happen in Bulgaria. Six of the activists were arrested by the police after 3-hour blockade over a Gazprom petrol station in Blagoevgrad in Thursday, 26th of September 2013. They faced charges of minor hooliganism and brought before the Regional Court in Blagoevgrad. Exact identity of the client cannot be revealed, as such advertisement of a law firm is prohibited by art. 42, para. 4 of the national Attorney's Act and the Attorney's Code of Ethics.
Notably, the court's verdict shows significant development to the jurisprudence of the national courts on cases of hooliganism charges or related to non-violent protest actions. It further develops on the existing courts case-law and administrative practice of the police authorities.
The court reasoning states that although some deeds of the accused persons formally under 'hooliganism' definition', no punishment shall be imposed, due to very low danger to the society and since their cause is just and virtue. The defendants were acquitted of the charges. Nonetheless, they had already paid a police fine for disobeying direct police orders.
A presentation by Svilen Ovcharov, lawyer at 'Ovcharov & Parushev', concerning all contracts to be signed by an artist, as for concerts, festivals, management, booking, recording, publishing, etc. is to be held on 22 September 2013, 15:30 in the Inter Expo Centre.
The presentation is part of the international conference MusicPRO vol. 2 which is by itself part of the ON! Fest in 2013 at the Inter Expo Centre, hosting dense variety of events related to the professional show-business. The MusicPRO programme and the ON! Festival schedule could be found here: http://onfest.bg/en/schedule
A video recording of a previous presentation at the last-years MusicPRO vol. 1 could be watched on YouTube through the following link (in Bulgarian, slides in English): http://www.youtube.com/playlist?list=PLKLMejHNj8jeagwEK60CYoWjUyYBk9UyF
Using simple language and even slang, the lawyer explained the the basic principles of the show-biseness form the point-of-view of the debut musician's at the beginning of his/her career.
Now, at the second MusicPRO in 2013, Svilen Ovcharov will enter deeper waters by discussing several topics related to further development of a professional career in music business. Explaining the proper terminology and using professional language, many legal details and trick in the business should be revealed, as well as some usual problems in contracting to be paid attention for.
Svilen Ovcharov, lawyer at 'Ovcharov & Parushev' law firm participates in joint presentation of lawyers and architects concerning urbanism, procedures and remedies for standing parties in spatial planning procedures and permitting of construction proceedings.
Svilen Ovcharov, who also is partner at 'Ovcharov & Parushev', will present his analysis of the national Spatial Development Act, as well as of the UN Århus Convention.
The even has been organised by the 'Cosmos Cinema' collective, a project of the Union of Architects local branch in Plovdiv, as part of the two-day programme of the Plovdiv's famous Night of Museums & Galleries, organised by the 'Open Arts' foundation and the Plovdiv Municipality.
"Urbanism vs. SPA"
- 21 September (Saturday), 18:00 h
- 'Cosmos' cinema, 48 William Gladstone str., Plovdiv
- entrance free
More info about that event:
Ovcharov & Parushev Law Firm moved to a new office at 72 Vitosha blvd.
The office is located at the corner of Vitosha boulevard and Gurguljat street in Sofia, having its entrance from the Gurguljat street. The location is close to the National Palace of Culture and Patriarch Evtimii boulevard.
More details on the location could be obtained from the Contacts section of our web-site.