1 - Bulgaria

Summary

Introduction

Council Regulation (EC) No 2157/2001 on the Statute for a European company (the ‘Regulation’) has been directly applicable in Bulgaria as of 1 January 2007, while Council Directive 2001/86/EC of 8 October 2001 supplementing the Statute for a European company with regard to the involvement of employees (the ‘Directive’) has been transposed into national law by the Law on Information and Consultation with Employees in Multinational Undertakings, Groups of Undertakings and European Companies of 2006 (‘LICE’), which entered into force on 1 January 2007.

In compliance with the Regulation, an SE that has its registered office in Bulgaria shall be treated in Bulgaria as an akzionerno druzhestvo (a joint stock company, JSC or AD), formed in accordance with Bulgarian law. This follows from Council Regulation No 1791/2006 of 20 November 2006 adapting certain EU regulations and decisions, including those in the field of company law, by reason of the accession of Bulgaria and Romania to the EU.

In determining Bulgaria's aim to become an EU Member State, acceptance of the acquis communautaire started. Thus, most national legislation currently in effect corresponds to the regulations and directives in force within the European Union, and the accession of Bulgaria on 1 January 2007 to the European Union was the step needed to confirm the conformity of Bulgarian law with Community legislation.