Dimov&Tashev Law Firm

October 18, 2010 | Proposed changes in the Commercial Register Act

A draft bill for amendment and supplement of the Commercial Register Act has been proposed by the Council of Ministers on 18.10.2010, thus introducing changes in some of the basic principles of the act:

 

The deadline for re-registration of the companies is envisaged to be extended (it was initially set up as a three year term expiring on 31 December 2010). The proposed changes would allow for additional six month delay (i.e. until 30 June 2011). The business activity of those companies and co-operatives that failed to re-register within the aforesaid grace period will be discontinued ex officio, whereas the sole proprietors (sole traders) and the foreign companies' branches, respectively - deregistered.

 

The Council of Minister is also proposing another novelty, namely - restriction of public access to the full companies' files. It is envisaged that the Registry Agency would provide registered access to the relevant trader's file. The access would be granted in the relevant territorial departments of the agency upon submission of request and proof of identification and in case of request for access via electronic means - by virtue of electronic signature or digital certificate issued by the Agency.