Bulgaria

IFLR1000 Reviews

Financial and corporate
Boyanov & Co

Established in 1990, Boyanov & Co is a full service, independent Bulgarian firm based in Sofia. It is a founding member of SEE Legal, a legal network of 10 firms across South East Europe. 

 

Focusses / specialisms 

Foreign entities make up a good proportion of the firm's client base and it often acts as Bulgarian counsel to large foreign banks and investors on cross border financing and M&A transactions. 

In project development the firm is notable for its energy practice with expertise in nuclear energy and oil and gas projects. It often advises on tender procedures for concession contracts. 

Banking, energy, telecoms, media and technology and real estate are active sectors for the firm. 

 

Key clients 

The firm’s client base includes leading names in the regional banking and telecoms sectors such as  Eurobank Bulgaria, Commerzbank, Piraeus bank, Raiffeisen Bank, Albania telecom and Nova Broadcasting and the European Investment Fund. 

 

Research period review: 31st edition (2020/2021)

During the last research period the firm was active in almost all practice areas, especially in banking and financecorporate and M&A, and project development. 

In banking and finance the firm worked on a broad range of mainly cross-border banking transactions, including syndicated loans, debt restructuring, project finance, acquisition financing, trade receivables securitisation financingIt has represented mainly the lenders but also the borrowers and the client’s list included big international banks as well as foreign and local companies and institutional investors from Central and Western Europe.  

The corporate and M&A legal team advised a number of publicly listed companies in acquisitions and sales of entire businesses as well as on multi-million public tenders for construction projects. It advised on the buy and sell side, and almost all of the deals were cross-border, involving number of jurisdictions mainly in Western Europe and USA. The client’s list included mainly foreign companies as well as private equity funds. 

In project development the firm was active in concessions, public tenders, and construction projects in various industries, including energy, social infrastructure, mining and transport, TMTIt advised both foreign and local companies on local and cross-border transactions.  

 

Deal highlights: 31st edition (2020/2021) 

Asarel-Medet 90 million commodity-funded collar transaction 

PPF Group 4 billion acquisition financing 

TELUS International $1.4 billion syndicated refinancing 

Sutherland Global Services $ 535 million financing 

Kokari €80 million debt restructuring  

Sidma Steel €90 million bond issue 

Bulgartransgaz €112 million syndicated financing 

DZI  77.7 million acquisition of NN Group business 

Belene new nuclear power plant 

Sofia Airport 

 

Client feedback: 31st edition (2020/2021) 

Banking and Finance

“The team has excellent debt market knowledge and is able to smoothly guide international clients through the local debt landscape and on the related risks. Boyanov are very responsive, have a broad network and have been the key in securing a successful transaction.” 

Local knowledge. 

“Very timely and thoughtful advice.” 

They provided, and continue to provide, assistance on our efforts to put together a debt refinancing package for our company."

"Very business-oriented; very speedy; they understand us very well."  

"They are extremely responsive and their advice to the point." 

 

M&A 

Timely and accurate advice, often on short-notice. 

High quality services on international standards, high speed and efficiency, excellent understanding of the business processes, experience, contacts and wisdom, implementation of technology.

 

Project Development 

“The firm's lawyers are competent in many business areas.  They clearly are business oriented and understand the client's needs. Very efficient in respect of the deadlines.” 

Responsiveness, practical approach, professional advice, experience and expertise.”  

High level of precision and accuracy exceptional professionalism and expertise. 

Perfect knowledge of the legislation; prompt and adequate legal assistance. 

 

Alexander Chatalbashev

"Alexander combines excellent academic knowledge, real-life practice and a client-oriented approach."

"Great specialist in energy."

 

Damian Simeonov

“Damian's advice and solutions are of a rare sophistication for the market.”                                

 “Excellent at communicating technical Bulgarian legal issues in English (spoken and written) and understanding the broader context of a transaction and the needs and the desires of all commercial and advisory parties involved.  As well as a great technical knowledge of the law and the market. Overall, very good.”          

 “Very experienced, creative and solution oriented, very good legal brain.”                   

 “Damian, as the senior telecoms partner, is very knowledgeable about the practices in the industry. He seeks business solutions, rather than convoluted legal formulations.”                 

“Damian makes an excellent team with Georgi Drenski in managing complex transactions. He offers good insights and picks the right battles. Damian is diplomatic and very constructive.” 

 

Georgi Drenski          

"Practical, responsive, business-oriented."

 

Nickolay Nickolov 

“Professional service, deep legal knowledge and practical business-oriented approach.”  

 

Radoslav Alexandrov 

“very experienced, great specialist, correct and precise” 

"Very experienced, great specialist, correct and precise."

 

Ralitsa Nedkova        

"Ralitsa is always at hand to ensure that our legal documentation and responsibilities are taken care of. "

 

Yordan Naydenov

 “I have known Yordan Naydenov for many years and he is my go-to lawyer in Bulgaria; technically excellent, pragmatic and makes himself available.” 

"Effective business solutions, deep knowledge, technical skills."

"Very responsive and delivers timely and accurate advice."

 

CERHA HEMPEL Gerginov

CERHA HEMPEL Gerginov is a corporate law firm with an office in Sofia, Bulgaria, established over 25 years ago. It has a team consisting of over 200 lawyers.

 

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A and project development. Its banking and finance practice includes advising borrowers on acquisition financing, debt restructuring, as well as on compliance and regulatory matters.

In M&A it advises acquirers and sellers on acquisitions, sales and mergers. In addition to that, it advises companies on corporate restructurings.

The project development team assists developers on public tenders for construction projects.


Key clients

Among its clients are HSBC, LLoyds Bank, William Hill, HPE, HPI, DXC.technology, Micro Focus, Tchibo, Strabag, and Samsung, HP, HSBC, Euronet, Lloyds Bank, Riofisa, Strabag, VMWare and Hilton.

 

Djingov Gouginski Kyutchukov & Velichkov

Djingov Gouginski Kyutchukov & Velichkov (also known as DGKV) was established in 1994. It has grown to more than 50 qualified lawyers in its headquarters in Sofia and it has a representative in Berlin. 

 

Focusses / specialisms 

The firm is one of the most prominent independent firms in Bulgaria and often advises on the market's largest financial and corporate transactions.  

In banking and finance the firm is most active on the lender side, advising domestic and foreign banks on acquisition financings. It also represents banks as creditors on debt restructurings. 

In the capital markets space the firm is experienced in debt and equity work. 

In M&A the firm regularly works for strategic and financial buyers. 

In the projects space the firm has strong infrastructure and PPP expertise. It is also notable for advising participants on public procurement tenders across transport, electricity and oil and gas sectors. 

 

Key clients 

The firm has worked on behalf of major international companies and institutions as well as key local companies such as Financial Supervision Commission, DEPFA BANK, Acibadem Citi Clinic, Blocks Group, ING Bank, China Development Bank, HSBC, Western Union, Visa, MasterCardDeutsche Bank, DSK Bank, OTP BankEBRDExport-Import Bank of China (CEXIM)Goldman SachsJP MorganIFCPPF Group, and UniCredit Bank Austria. 

 

Research period review: 31st edition (2020/2021) 

During the last research period the firm was active in all practice areas including banking and finance, capital markets, corporate and M&A, and project development. 

In banking and finance the firm has assisted mainly lenders but also borrowers in various mostly cross-border transaction such as multi-layer financing, syndicated loans, refinancing, restructuring and loan transfers, project finance, acquisition finance, asset finance 

In capital markets it worked on bond issues on behalf of the joint lead managers and on debt financing convertible into equity as part of a M&A deal where the firm adviced the acquiror.  

In corporate and M&A it has advised both acquirer and seller on mainly cross-border deals, involving jurisdictions from Central and Western Europe, and also China and US. It worked on   corporate financing and restructuring, sales, divestment, portfolio and shares acquisitions. Another significant part of their work was advising foreign investors on asset acquisitions across various industriesThe list of its M&A deals includes industries such as TMT, manufacturing and power, machinery, energy, technology, waste and resources management, real estate, and entertainment.  

In project development they advised international developers on public tenders, development projects and land acquisitions and, in particular, deal structuring and Bulgarian law regulatory matters. 

In restructuring and insolvency it acted on the buy side in financial and corporate restructurings. 

 

Deal highlights: 31st edition (2020/2021)  

Republic of Bulgaria €2.5 billion sovereign bond issue 

Bulsatcom €85 million financial and corporate restructuring  

Marshall Islands $94 million asset financing 

Blocks Group €65 million multilayer financing 

Minstroy Properties €26 million financing 

PPF $2.1 billion acquisition of Central European Media Enterprises  

AURELIUS Equity Opportunities $23.4 million acquisition of Woodward Poland 

Bulgarian Ministry of Defense armoured vehicles & equipment  

Optima Befektetesi Alapkezelo acquisition of a Lone Star Funds’ portfolio 

 

Client feedback: 31st edition (2020/2021) 

Banking and finance 

"DGKV know what they are doing. Proactive in their approach and their knowledgeable advice was provided in a timely manner. DGKV provides what you need when you need local counsel in your transaction." 

 

M&A 

"Pro-client and professional attitude. We worked with a reliable team." 

"Very experienced lawyers. Very reputable in the market." 

"Very responsive, positive attitudes and very knowledgeable.

 

Project development 

"Clear concise and in real-time delivery. Strong advice and driven." 

"Excellent knowledge of the law and efficient." 

"In every case they have being contacted about they have shown a high level of professionalism, focus on details, deep knowledge of similar cases and their output. Their fast reaction, respected all agreed timeframes and milestones. Discreet." 

 

Georgi Tzvetkov 

"Commercial, sound and timely advice." 

"Excellent lawyer. Great service." 

 

Nikolina Stefanova 

"Very professional attitude, good communication skills, always meet stringent deadlines." 

"Timeliness, knowledge, driven and strong in her field." 

 

Stephan Kyutchukov 

"Stephan was really helpful. He has great communication skills and very good problem-solving skills." 

"Excellent knowledge, cooperation and understanding." 

 

Youliana Naoumova 

"Responsive, listened and make sure our requests and expectations were clear. Work on tasks and reported on time, gave regular feedback about progress. " 

 

Zdravka Ugrinova 

"Zdravka was very professional, managing client risks and was responsive to client needs." 

 

Kinkin & Partners

Kinkin & Partners is an independent Bulgarian firm with a team of 16 lawyers. The team has the capacity to communicate can in Bulgarian, English, Italian, German, Spanish, French and Russian.

 

Focusses / specialisms 

The firm is known for restructuring work and is experienced in advising creditors and debtors on debt and corporate restructurings. 

It has a focus on work in the real estate, industrial and agricultural sectors .

In banking and finance it has a strong record debt restructuring, restructuring of a business through bank credittransfer and advising foreign clients on the release of financial means from electronic money accounts in Bulgarian banks.   

 

Key clients 

The firm has been advising Laurea, the UK based project services and project management company, in its dealings in Bulgaria.  

 

Research period review: 31st edition (2020/2021) 

During the last research period the firm has been active in restructuringin banking and in corporate and M&A, as well as, in project development.  

In banking and finance the firm worked on mainly on all sorts of restructuring-related deals and banking matters such as project finance and financial restructuring, financing, fund releases, distribution of loansIt advised mainly foreign borrowers from Central and Western Europe, as well as, from Russia, Israel, USA and Dominican Republic.    

In corporate and M&A the firm was active in share transfersacquisitions, spin-offs and joint ventures for mainly foreign clients from various industries, including insurance, manufacturing and chemical industries  

In project development the firm assisted mainly developers on agreements matters and issues, administrative procedures and Bulgarian law regulatory matters. The projects it developed are mainly in infrastructure, real estate, manufacturing and renewable energy.  

The firm was particularly active in corporate restructuring and insolvencymostly on the seller’s side and in business restructuring, and in restructuring of an entities of foreign clients’ businesses. 

 

Deal highlights: 31st edition (2020/2021) 

Bibar Assets €million financing and financial restructuring 

Concentrix €million financial restructuring 

Bulavto-Lada €million business restructuring 

Agria € one million acquisition of Agroplant 

Lyulin 10 

Triagalnika 

Logistic centre Novi Iskur 

Tchair Dere mini hydro power plant  

 

Client feedback: 31st edition (2020/2021) 

Asset finance 

"Quick, helpful, competent." 

 

M&A 

"The law firm has dealt with many M&A cases and deals, and it is very experienced in the field. As far as we have interacted with them, I could argue that only professionals work there and the service they provide is always fantastic. " 

"They were able to properly clarify the specific approach of how each company could be restructured, taking into account all the different factors that existed. Furthermore, they did exceptional work on the solutions they had to offer by researching and providing several plans of action for us. " 

"They demonstrated vast knowledge in the field of M&A. Moreover, as a legal counsel they have been part of the whole process, further demonstrating consistency and professionalism. " 

"I am satisfied with the services provided by Kinkin and Partners. I am impressed by their effort to find the best solutions, which may lead to a satisfactory result. I think the team is very experienced and resourceful. They provided me with a detailed analysis regarding each step of the proceedings I have been represented in. 

 

Project development 

"Negotiating advantageous terms for a purchase, preparing and signing preliminary contract with the construction company, working on finalizing the deal before the notary." 

The law firm goes to great lengths to provide a satisfactory service and proper solutions for our issues. The lawyers working there have always managed to help us with any inquiries we have submitted to them. " 

"The service provided by the law firm was excellent and timely. The lawyers of the firm were extremely professional and gave us a solution for our problem soon after our inquiry. The firm works with great professional lawyers. " 

"The whole team stands out with a high level of professionalism, excellent analytical skills and attention to detail." 

"Providing legal assistance during the negotiation process. Assisting in the conclusion of an additional agreement." 

"The whole firm's work is very professional and detail-oriented. We get the best quality at a normal cost. The work is always completed at its best. " 

"We find Kinkin and Partners to be notable professionals, that's why we are working on many different issues with them." 

 

Restructuring 

"Engaged with numerous different institutions and worked successfully with them. The law firm helped me reduce the taxes of my property. " 

 

Adriana Nacheva

"Detail-oriented, communicative, dependable, flexible." 

"Mrs Nacheva has always been dedicated to her profession and we are really satisfied with our cooperation. She provides excellent legal services and manages time perfectly." 

"Provided us with great legal advice, very professional and positive attitude, great analytical and problem-solving skills." 

"The lawyer has always provided us with great service and her work has always been impeccable. She is a great legal professional who has managed to find solutions to our problems on every occasion we have contacted the firm. " 

"Adriana Nacheva is an outstanding professional in the field we work. She has the right judgement on the situation and makes sure to present all the possible outcomes and to foresee all complications that may occur. Her advice is adequate and trustworthy. " 

 

Nikolay Radev 

"The matter was handled by Mr Vladimir Kinkin who is a partner at Kinkin & Partners and  Mr Nikolay Radev who is a senior associate. Our impression is that they are highly experienced and resourceful, with ability to see the big picture." 

"The lawyers that mainly work on our case are Mr Vladimir Kinkin and Mr Nikolay Radev. They are dedicated on the case, highly experienced, straightforward and precise. They are able to see the big picture and provide more than one possible solution with a view to the best possible result for us. " 

"Extremely professional, great work ethic, knowledge of the law, and ability to draw solutions quickly and efficiently." 

"The service the lawyer provided to us was extremely professional and more than satisfactory. His knowledge in the field was vast and he managed to help us greatly."

 

Vladimir Kinkin 

"The lawyers that mainly work on our case are Mr Vladimir Kinkin and Mr Nikolay Radev. They are dedicated on the case, highly experienced, straightforward and precise. They are able to see the big picture and provide more than one possible solution with a view to the best possible result for us. " 

"The matter was handled by Mr Vladimir Kinkin who is a partner at Kinkin & Partners and  Mr Nikolay Radev who is a senior associate. Our impression is that they are highly experienced and resourceful, with ability to see the big picture." 

 

Tsvetkova Bebov & Partners

Opened in 1998, Tsvetkova Bebov Komarevski (TBK) is a leading full-service Bulgarian firm based in Sofia. The firm is a member of the International Swaps and Derivatives Association, ISDA. 

 

Focusses / specialisms 

The firm has a strong banking and finance team and expertise in capital markets transactions. It is well-versed in debt capital markets deals, having advised on bond issues and IPOs. In lending transactions, it acts for both the borrowers and the lender. Banks work with the firm on banking and regulatory matters under Bulgarian and European law. 

In M&A the firm often acts as Bulgarian counsel on cross border transactions. 

In project development the firm is active in the power sector, often advising its clients on electricity supply agreements. It also has experience advising clients on public procurement matters and EPC-contracts in oil and gas and transport sector projects. 

 

Key clients

Notable clients of the firm include Société Générale, Mars, Eleven Capital 11 capital, a Bulgarian venture capital fundCompass Invest, MK Brokers, TBI Bank. In M&A their clients are OMV Petrom SA, Romania; Mars, Inc.; Kone Corporation; Takeda; Arkad E&C; AstraZeneca; Takeda; Japan Tobacco International; Bombardier, MDV Sports, TBI Bank; Cobega; Glencore; Deutsche BahnIn project development notable clients are AresgasBombardier Transportation Italy, Consortium Arkad, PVB Power Bulgaria.  

 

Research period review: 31st edition (2020/2021) 

The firm has been active across all practice areas, including capital markets, in both debt and equitybanking, financial services regulatory, and project development. 

In banking and finance it worked on behalf of the borrower and lender in project finance transactions, financing, issuance of amended upstream corporate guarantee and advised on various complex regulatory matters, new directives and launching of products based on investment gold. Its diverse list of clients includes private equity funds, banks and companies from across the world.  

The firm was particularly active in capital markets where it assisted local issuers in bonds issue, IPO and with regulatory work.   

Corporate and M&A was another area where the firm was particularly active in mostly local deals such as advising foreign and local buyers in partial and full acquisitions of companies and advising sellers on shares issuing, selling joint ventures operating Hydro Power Plants, mergers.  

The project development team worked on EPC-contracts, public procurement, licencing procedures in energy and infrastructure projects, classical and renewable energy projects, transport and manufacturing.  

In restructuring and insolvency the firm did restructuring of consumer financing and anti-money laundering processes, a number of business restructurings and advised on regulatory matters.  

 

Deal highlights: 31st edition (2020/2021)  

Republic of Bulgaria € 2,500,000,000 dual tranche issuance from the € 10 billion GMTN Programme. 

Corporate Commercial Bank insolvency  

Eleven Capital IPO 

Ferratum Bulgaria restructuring of consumer financing and anti-money laundering processes 

OMV Petrom acquisition of a stake in Han Asparuh 

Wrigley Bulgaria/Mars Bulgaria merger 

Kone Bulgaria acquisition of ASV 15 

DeltaStock acquisition of UCITS management 

TurkStream  

Han Asparuh block 

 

Client feedback: 31st edition (2020/2021) 

Banking and finance 

"TBK delivered timely service with good quality. During the negotiation, TBK pointed out one crucial legal issue, assisting in our final decision. " 

"Very unbureaucratic cooperation, always on time and solution-oriented." 

"Fast responding, excellent and clear advice provided, very helpful and indeed a strong partner at your side." 

"They provide clear, quick and workable solutions and answers." 

"Exceptional attitude towards the client - from attention to detail and hands-on approach through to flexibility and really fast delivery. The firm with the most experience in the local market." 

"I highly appreciate the work with TBK team. They are strongly motivated people with excellent knowledge. It is easy to work with them. " 

"TBK are very accurate, diligent and practical in their advising. TBK provided excellent quality legal services in the field of banking and finance and in the field of M&A." 

"The company is an excellent partner in both big regulatory projects implementation (AML, PSD, MiFID) and providing legal opinion on specific questions, which require detailed analysis, in-depth knowledge and practical interpretation of unclear or conflicting legal requirements. They are very experienced, flexible and quick responders." 

"The law firm has always been very responsive, has answered our requests timely and in high quality." 

"They are competent, they react very quickly, they understand our business model and try to find pragmatic solution for the respective case. " 

"Very quick answers." 

"Very proactive, highly skilled and results driven, good and timely advice. We have been relying on this law firm since 2014 and we are very pleased with the results that have been achieved." 

"Very professional and competent." 

"Very reactive, good advisory skills and the whole range of legal services is provided, close to clients, easy to communicate with, very good understanding and both technical and practical advice. Highly recommended!" 

 

Capital markets 

"Our organisation is a client of the Tsvetkova Bebov Komarevski law firm. We concluded a long-term agreement in 2008 for provision of legal services and advice. Said agreement regulates many spheres of interest for our Association - advice on draft legislation and regulations, preparation of legal opinions and representation in court, participation in discussions involving legal matters, legal counselling et al. The firm provided highly qualified assistance in a series of lawsuits before the Supreme Administrative Court of Bulgaria, representing us in proceedings. The work of the counsels from the firm was excellent. They also participated in the trilateral negotiations which were conducted for the purpose of finding a solution to the situation. The firm participated in the organisation of a round table on the protection of rights of minority shareholders in public companies, the standards for disclosure of information and investor relations. Mr Bebov, managing partner in the firm, was the moderator at that event. Mr Bebov also reads lectures for our members on topics related to the EU legislation regarding the capital markets and more specifically on MiFID II. The lawyers at the firm, having specialised in the field of the capital market, possess perfect knowledge of the regulatory framework of the market and the practices related to its operation but they also possess legal expertise in all spheres of the legal profession, including on issues related to administrative law, labour law and penal law, which I have had the opportunity to establish in the course of our cooperation with the firm. It should be noted that the lawyers at the firm are very well versed in the intricacies of the functioning of the judicial system, having obtained vast expertise in case law. We have had many meetings held for the purpose of taking decisions on how to proceed in the legal cases we were engaged with and I have been awed by the way the lawyers act as a well-functioning team, always prepared to give appropriate advice based on their in-depth research and knowledge of the particulars of the case. The firm has established very good working relations with big auditing companies and has provided legal advice in cases where auditors and lawyers have jointly worked on cases involving auditing of public companies." 

"Excellent knowledge of capital markets and related laws, of commercial practicalities in the banking sector. Very strong legal drafting capabilities. " 

"Guided and assisted us throughout the entire licensing procedure before the Financial Supervision Commission for a newly incorporated subsidiary. Also assisted with any tax-related, corporate law and employment law issues under Bulgarian law regarding the selected way of transfer of the pertinent part of the assets, personnel and goodwill to the new investment firm. Will also prepare all necessary documentation for the registration of the investment firm with the Bulgarian Commercial Register. " 

"Prepared all the necessary documents for the acquisition, legal assistance with the procedures before Bulgarian FSC, etc." 

"Well-organised process, high level of expertise, very flexible and responsive." 

"Detailed knowledge of financial markets and financial instruments legislation, including but not limited to Bulgarian and European law framework, MiFID II etc; competent and timely assistance with law procedures before Bulgarian FSC about management company's acquisition by investment intermediary. " 

"High competence, efficiency and personal approach." 

 

Capital markets: Debt 

"Excellent knowledge in the field of financial services, matters of public and tax law; vast experience and commitment; prompt advice; willingness and ability to work and deliver in deadline-driven conditions." 

"Nikolay was very engaged and responsive and provided thoughtful and helpful comments on the structural aspects of the deal." 

"TBK are very professional, diligent, responsive, enthusiastic and their knowledge of the Bulgarian legal and regulatory framework is excellent. They are proactive and ready to in-source expertise from their contacts in the Bulgarian legal community where necessary to enhance the quality of project deliverables. Last but not least, they are excellent communicators and fantastic people and an absolute pleasure to work with." 

 

Capital markets : Derivatives 

"The lawyers I dealt with were very responsive, efficient and professional." 

 

Financial services regulatory 

"TBK managed to identify regulatory and tax risks that we were not aware existed. More importantly, they managed to offer risk management options that work for us and that reduced the risks identified to a level acceptable to us. Throughout the process of working with them, there is a sense of calm that they understand the business in depth and give peace of mind and confidence that we are on the path of correct judgment and decision-making." 

"They have deep understanding of the current financial regulation - it is fair to say that the firm has the biggest expertise in cryptocurrency legal matters in Bulgaria. They are very keen on taking challenging projects related to cutting edge initiatives. They give us legal advice which is DIRECT and not ambiguous." 

"Qualitative advice (on time), very competent and friendly contact." 

"They did research on the regulatory framework in Bulgaria and whole European Union for our activity very well." 

"Very high level of expertise; reliable advice, always given on time and covering the necessary details; profound knowledge of the area; easily accessible staff; excellent communication." 

 

Investment funds 

"TBK were extremely responsive and detail-oriented whilst also providing valuable strategic input. They were essential to the successful completion of the project. Special praise should go to TBK's lead lawyer on the project, Damyan Leshev. " 

 

M&A 

"Extremely devoted team; excellent negotiators; very experienced, pragmatic and proactive; excellent quality of service." 

"Fast and practical advice; solution-oriented; multidisciplinary expertise; high level of professionalism." 

"They are very collaborative, always provide prompt assistance with high competence." 

 

Project development 

"The TBK team is motivated and well prepared. In our experience, I have particularly appreciated their capability to understand the needs of international clients, representing in a very clear way regulatory peculiarities of the Bulgarian country." 

"Highly professional, strong legal knowledge, customised and practical legal advice, extremely proactive, very prompt and responsive to client's needs." 

 

Aleksandar Aleksandrov 

"I've been around and I know, truly one of the very few true legal experts in the field of natural gas infrastructure." 

"Very professional, extensive oil and gas knowledge, very easy to work with." 

 

Damyan Leshev 

"Very experienced, flexible, excellent professional, open-minded, critical thinking, valuable and practical advice that covers all sides and perspectives and all potential consequences, quick responder." 

"Extensive industry knowledge and experience, very responsive and attentive, clear focus on problem-solving and risk management." 

"Gives accurate and timely advice, best skills in Bulgarian and European legislation on financial markets and financial instruments, best knowledge in procedures according to MiFID II before the Bulgarian Financial Supervision Commission." 

"Best knowledge and professional skills in European and Bulgarian legislation on financial markets and financial instruments; timely support with all necessary procedures with management company acquisition from investment intermediary. " 

"Best knowledge in European and Bulgarian financial law framework and securities legislation; best skills in resolving all kinds of problems rising from day-to-day challenges." 

"He acts as a personal physician - treats the problem and tasks responsibly, being personally acquainted with the client in detail. Shows high competence and cooperation." 

"Excellent client management skills - very deep understanding of the financial services regulation in Bulgaria - direct and honest." 

"Excellent professional, very knowledgeable and cooperative." 

"Listens to our problem and finds a solution for our work, not just tell us what the framework is." 

"Damyan is extremely hard working and client-centric. His help was essential to the completion of the project. " 

"Due to the depth of relationships that I have built up with TBK virtually as well as on-site in Sofia, we count a growing number of financial institutions as shared clients, notably the work on Bulgaria's accession to the Banking Union. I appreciate TBK's hands-on approach and depth of local and international expertise, notably amongst Nikolay Bebov, Damyan Leshev, Petar Ivanov, Vanya Chicova and Maria Karacholova." 

 

Dimitar Grozdanov 

"Dimitar is a very cooperative, ambitious and skilled person. He has excellent knowledge in AML legislation and financial services regulations. " 

"Excellent professional, deep knowledge and expertise, detailed analysis, excellent communication, quick responses, practical advice." 

"He is always ready to support and responds very quickly. Has good experience and knowledge." 

"Very deep industry sector Knowledge - communicates extremely well - very responsive, honest and direct." 

"Very pragmatic, very proactive, super-agile; capable of thinking outside the box." 

 

Ilya Komarevski 

"Solution-oriented; straight-to-the point advice; perfect industry knowledge." 

 

Nikolay Bebov 

"They covered our concerns relating to the finance structure and financing terms with timely response." 

"He is straightforward and down to the point, very knowledgeable and very experienced, gives great advice and seems to have a solution for every problem." 

"Competence and personal involvement in any case." 

"Excellent professional with deep knowledge in banking, financial markets and applicable regulations." 

"He has the speed and quality of work that I look for and is very responsive." 

"Real problem-solver." 

"Very proactive, client-driven, smart and highly educated, a pleasure to work with. Very good results achieved during our collaboration together." 

"Commercial realism, pragmatism, exceptional attention to detail, strong communication skills." 

"Foreign expertise and expertise in a different jurisdiction from where he is based. This is highly regarded for our international and cross-border company. Solid knowledge and practice experience lead to high-quality communication, problem-solving and - last but not least - the most sophisticated financial services transactional and regulatory lawyer." 

 

"Mr Bebov possesses excellent knowledge of the legal system and case law, resourcefulness, logical thinking, an eye for detail and for the overall picture of a given case or relationship, good organisational skills, team builder, perfect negotiator. Mr Bebov's professional attitude to his duties as a lawyer and conscientiousness help him to build relationships of trust with his clients, which is a great asset. I cannot think of weaknesses since I have not been in a position to find any." 

"Nikolay is a consummate professional, thorough and knowledgeable, and his relationships with local authorities are excellent. He is also a very good leader,  managing his team of more junior lawyers very well and always ensuring a very high-quality output and timely delivery against challenging deadlines." 

"Responsiveness and engagement." 

"Excellent communication skills, very responsive and is a subject-matter expert in the area of derivatives." 

"Exceptional professional. Personally, I think that Nikolay Bebov is the one who gives this confidence, calmness and peace of mind which I have already shared as a distinctive feature of TBK as a whole. But if I need to relate this to one person, it is certainly Nikolay Bebov. In the field of finance and capital markets this is the very top lawyer. He and his team are extremely well prepared on the subject, with extensive experience and valuable advice." 

"Excellent professional and project manager." 

"Leading financial services and regulatory lawyer in his field that benefits from an EU and global outlook. " 

"Due to the depth of relationships that I have built up with TBK virtually as well as on-site in Sofia, we count a growing number of financial institutions as shared clients, notably the work on Bulgaria's accession to the Banking Union. I appreciate TBK's hands-on approach and depth of local and international expertise, notably amongst Nikolay Bebov, Damyan Leshev, Petar Ivanov, Vanya Chicova and Maria Karacholova."

 

Petar Ivanov 

"Young and very energetic; proactive and very diligent; super-high quality of advice." 

"Thorough and attentive to detail, patient and meticulous, responsive and helpful." 

"Friendly and competent, responsive with excellent understanding of our business." 

"Gives accurate and timely advice, best skills in Bulgarian and European legislation on financial markets and financial instruments, best knowledge in procedures according to MiFID II before the Bulgarian Financial Supervision Commission." 

"Best knowledge in European and Bulgarian financial law framework and securities legislation; best skills in resolving all kinds of problems rising from day-to-day challenges." 

"Due to the depth of relationships that I have built up with TBK virtually as well as on-site in Sofia, we count a growing number of financial institutions as shared clients, notably the work on Bulgaria's accession to the Banking Union. I appreciate TBK's hands-on approach and depth of local and international expertise, notably amongst Nikolay Bebov, Damyan Leshev, Petar Ivanov, Vanya Chicova and Maria Karacholova." 

 

Philip Kiossev 

"Very good technical advice, proactive and rigorous approach towards deadlines and workload." 

 

Svetlin Krastanov 

"Svetlin Krastanov is a tax adviser whose knowledge transcends the borders of Bulgaria. He is world class. He thoroughly reviewed the relevant case law for us, drew attention to risks that we did not suspect existed and proposed solutions for managing these risks. He works very systematically, he goes into every detail." 

 

Venelin Dimitrov 

"Extremely practical and handy advice, excellent experience and super-high responsiveness rate." 

"Competent." 

"Excellent negotiator; super-responsive and devoted to us; very diligent and proactive; super-high quality of legal services." 

"Perfect client relationship management; always solution-oriented; highly skilled and educated professional; always easily accessible." 

"Well prepared and always available to understand the needs of his client. He has an excellent ability to represent his work and what he is asked to investigate in a clear and a complete way. He coordinates a well-prepared and motivated team which is able to face even pressing deadlines." 

"Brilliant legal professional, with extensive legal background and deep knowledge of Bulgarian oil and gas market, extremely proactive and prompt, very easy to work with." 

 

Victoria Tzonkova 

"In-depth knowledge of the legal situation, good practical and legal advice, close to clients and always available to help. Very good results obtained (exceeding expectations) during the whole litigation process." 

"Victoria has been in charge of our litigation case since the beginning, very skilled professional and proactive with clients, highly recommended for any litigation proceedings in Bulgaria." 

 

Deloitte Legal Law Firm

Deloitte Legal Law Firm is a corporate law firm with an office in Sofia, Bulgaria since 1992. It is part of the international law and tax firm Deloitte with offices in more than 80 jurisdictions where more than 2,500 legal professionals provide a broad range of legal services.

 

Focusses / specialisms

The firm is active in banking and finance and corporate and M&A. Its banking and finance team advises borrowers on financing, as well as it assists banks and corporate clients with legal analysis and restructurings. It’s active in corporate and M&A where it advises buyers on acquisitions and regulatory matters in various sectors, including real estate, banking, finance, technology and energy.



Key clients

Among its clients are Allianz Bank Bulgaria, First Investment Bank, Eurobank Bulgaria, European Bank for Restructuring and Development, International Finance Corporation, Bul. Bulgaria 69, Mogo Finance, Mogo Bulgaria, Bank Polska Kasa Opieki, Baltic International Bank, Eurobank Bulgaria, Neuberger Berman, The Quality corporate group, Galleria Burgas, Americaneagle.com, The Sunotec corporate group, Selcom Group, Balbec Asset Management, B2Group, JD Sports Fashion and ZEAD Bulstrad Life Vienna Insurance Group.

Dimitrov Petrov & Co

Established in 1997, Dimitrov Petrov & Co is a corporate law firm with offices in Sofia and Varna, Bulgaria.

 

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A and project development.

In banking and finance it advises debtors on debt restructurings and financings, as well as borrowers on acquisition finance. It also has experience in capital markets, advising debtors on bond loans and issuers on bond issues.

In corporate and M&A it advises mostly buyers on spin-offs, acquisitions, establishment of corporate entities and structuring’s, and shareholders on corporate governance matters and share transfers. In addition, it has a track record in assisting clients on corporate restructurings. The firm is active in banking and finance, energy, real estate, infrastructure, aviation, financial technologies, retail, mining, media, healthcare, pharma and telecommunications.

In project development it advises investors, buyers and developers on concessions, PPP projects and land acquisitions in various industries, including telecommunications, real estate and energy.



Key clients

Among its clients are Bulgarian National Bank, United Bulgarian Bank, Société Générale Expressbank, ProCredit Bank, Ziraat Bank, Corporate Commercial Bank, UniCredit Bulbank, Telenor, Iron Mountain, Philips and Alpiq Energy.

Dinova Rusev & Partners

Dinova Rusev & Partners is a corporate law firm with an office in Sofia, Bulgaria since 2003.

 

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A and project development.

In banking and finance it advises clients on financing, refinancing and structuring banking products.

In corporate and M&A advises clients on various corporate matters, as well as joint ventures and acquisitions in various industries, including mining and hospitality.

In project development it advises clients on tenders, concessions and projects in various industries, most notably in mining, energy, oil and gas and electricity.



Key clients

Among its clients are McDonalds, EkoBulgaria, Monsanto, AP Retail, Northrop Grumman, Danaos Development, Marks & Spencer, Sephora Bulgaria, Astron Chemicals, Mitsubishi Heavy Industries, Bulgarian Energy Holding, Kaliakra Wind Power, Assos Capital – AP Retail I and Energo Pro.

Dobrev & Lyutskanov

Dobrev & Lyutskanov is a corporate law firm with an office in Sofia, Bulgaria, established in 1989.

 

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A and project development.

In banking and finance it advises the financing side on government bonds investments, financings and regulatory matters, related to the implementation of businesses.

In M&A it advises buyers on acquisitions and transfers of shares, as well as shareholders in swap agreements.

In project development it advises service providers and buyers on acquisitions of land and immovable assets, and licences.



Key clients

Among its clients are Liftec, Vipa Hellas, Trijet, Finetech Invest International, Stronghold Group, Pik and M Invest, Road Infrastructure Agency, Digitoll Smart Infrastructure, National Company Railway Infrastructure and Thyssenkrupp Materials Bulgaria.

 

Client feedback: 31st edition (2020/2021)

Project development : Telecommunications networks       

"High professionalism and correctness. Detailed knowledge of the legislation and the relevant normative acts. Perfect performance of the contract and the task."

 

M&A    

"Good knowledge of the Bulgarian corporate laws and case law, quick and accurate reactions."

Georgiev Todorov & Co

Georgiev Todorov & Co is a corporate law firm with an office in Sofia, Bulgaria, founded in 1991. Today, the firm grew to 10 partners and 50 attorneys.

 

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A and project development.

In banking and finance it advises borrowers and lenders on project financing.

In corporate and M&A it advises mostly buyers on cross-border and domestic acquisitions, share transfers and provides legal advice on various corporate matters.

In project development it advises contractors EU-funded projects and developers on public procurement contracts and concessions in various industries, most notably in construction, transport and mining.



Key clients

Among its clients are Fleet Services, Hill Clinic, Black Peak Capital, Experian Bulgaria, Infinity Travel, Agricultural State Fund, Ingstroyengineering, Galchev Engineering and Vatia.

Gugushev & Partners

Founded in 2007, Gugushev & Partners is a corporate law firm with an office in Sofia, Bulgaria. It comprises of four partners, 32 attorneys and four paralegals.

 

Focusses / specialisms

The firm is active in corporate and M&A. It has experience advising all sides of the table on acquisitions, sales, JVC establishment and various corporate matters. In addition, it advises on corporate restructurings and corporate financing. It’s active in a broad range of industries, including a track record in the IT sector.



Key clients

Among its clients are Lürssen Werft.

Ilieva Voutcheva & Co

Founded in 2002, BWSP Ilieva Voutcheva & Co is a full-service law firm with an office in Sofia, Bulgaria. It is part of Globalaw, a network of more than 180 firms independent law firms in more than 80 jurisdictions.

 

Focusses / specialisms

The firm is active in M&A and project development. In M&A it advises buyers and sellers on acquisitions and corporate spin-offs in the real estate, renewable energy and hospitality sectors. In project development it advises investors on projects, mainly in renewable energy.


Key clients

Among its clients are Tessa Energy, Granit Stroy Invest and Element Project Company.

 

Client feedback: 31st edition (2020/2021)

M&A                  

"The firm is well structure and organised. The team is meticulous. I highly appreciate the firm's flexibility with assignments and time arrangements. It is an advantage that there is a diversity within the approach to the works and tasks. "

"The team of the law firm is fast, efficient and with broad knowledge and experience in several fields. They understand the needs of their clients and always provide business-orientated solutions to satisfy their interests and legal needs."

 

Project development : Transport                    

"The law firm has extensive knowledge in all fields regarding civil law. My projects and cases vary from fast forwarding service, to renewable energy, intellectual property, banking, etc. They have been able to consult me on each and every matter, providing top-notch and tailored services. They were able to pick up my project from the foundations - initial purchase of real estate and are currently guiding me through the next levels before it is operational. "

 

Restructuring : Corporate                    

"Proactive, competent, detailed."

Kambourov & Partners

Kambourov & Partners is a corporate law firm with an office in Sofia, Bulgaria, established in 1988.

 

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A and project development.

In corporate and M&A it advises mostly buyers on acquisitions, sales, share transfers and spin-offs in a versatile list of industries, including oil and gas, healthcare, e-commerce and most notably in media and telecommunications. In addition, it has experience in banking and finance work such as advising creditors on debt collecting, refinancing and debt-restructuring, pledge agreements, recovery of assets and insolvency proceedings.

In project development it advises bidders on bidding processes, concessions, and public procurements, as well as contractors on EPC contracts, and developers on projects. The project development team is also active in various industries, particularly visible in infrastructure, oil and gas and energy.



Key clients

Among its clients are Bulgarian Telecommunications Company (Vivacom), First Investment Bank, UniCredit Bulbank, Bulgartransgaz, Bulcredit and Finance, Petroceltic Group/Worldview, International Investment Bank, Yotpo, Verisk, Stillfront Group, United Partnersanf, Consortium SOF Connect, Arkad and Bank of New York Mellon.

KDBM Law

KDBM Law is a Bulgarian corporate law firm with an office in Sofia, founded in 2004.

 

Focusses / specialisms

The firm is active in corporate and M&A and project development. It advises developers on projects, and clients on issuing shares, opening businesses and other corporate matters. It works with clients from various sectors, ranging from retail and technology to food production.


Key clients

Among its clients are Sky Asset Management, Skadit, Retail Park Pirdop, Pepco Bulgaria, FFW Bulgaria, Hach Lange, BenchMark Finance, Growyse, Management Financial Group and Binance Jersey.

 

Client feedback: 31st edition (2020/2021)

Banking and finance             

"Fast responses, attention to detail, very helpful. Helped in establishing a branch and employment law."

 

Capital markets                     

"They provide high-level, professional legal services with personal approach."

 

M&A               

"I am very pleased with KDBM as they are fast, accurate and professional in their work. They lead the transactions very smoothly and reasonably."

"They are business-oriented and can coordinate smoothly the process and contact with the investors."

"Very well prepared and familiar with local legislation and offered solutions to mitigate any company risks, kept their promises, delivered according to agreed timelines."

 

Project finance                      

"Great job. Fast and correct support."

Kinstellar

Kinstellar is a corporate law firm with an office in Sofia, Bulgaria, founded in 2014. It is part of the international law firm Kinstellar, with offices in ten jurisdictions and over 250 local and international lawyers.

 

Focusses / specialisms

The firm is active in all areas of corporate law and project development.

In banking and finance it advises borrowers and lenders on various sorts of financing structures and project financing, as well as regulatory and compliance matters such as payments and business models.

In corporate and M&A it advises on concessionaires, buyers and sellers on winning bids, acquisitions, as well as clients on setting up business entities and various corporate matters. Its clients come from various industries, including energy, technology and infrastructure.

In project development the firm advises concessionaires on projects in oil and gas, infrastructure and mining.  



Key clients

Among its clients are KBC Group, Generali Group, OTP Bank Nyrt. / DSK Bank, Allianz, UniCredit Bulbank / UniCredit, Akbank, Nomura International, Banca Intesa, Management Financial Group, EBRD, China Development Bank, APS, Mezzanine Management, Lion’s Head Investments, NovEnargia II, Inter Cars, Prime Kapital, Meridiam and DraftKings.

Nina Boteva Law Office

Nina Boteva Law Office is a corporate law firm with an office in Sofia, Bulgaria, established in 1994.

 

Focusses / specialisms

The firm is active in corporate and M&A, advising clients on various corporate governance and matters and acquisitions, as well as on corporate restructurings.



Key clients

Among its clients are Roys, CNSys and Sony Electronics.

Peterka & Partners

Peterka & Partners is a corporate law firm with an office in Sofia, Bulgaria. The first office of the firm was established in 2000 in Prague, Czech Republic and today it has offices in Belarus, Bulgaria, Hungary, Poland, Romania, Russia and Slovakia.

 

Focusses / specialisms

The firm is active in banking and finance, advising clients on loans, various financing agreements and regulatory and contractual matters.

Popov, Arnaudov & Partners

Popov Arnaudov & Partners is a corporate law firm with an office in Sofia, founded in 1998.

 

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A and project development.

In banking and finance, it advises clients on various banking matters such as opening bank accounts and acquisition finance.

In corporate and M&A it advises buyers, sellers and shareholders on corporate and regulatory matters.

In project development it often advises contractors on public procurement procedures, construction projects and land acquisitions. It’s active in various sectors, including water utilities, electronics and has a track record of working with public administration.


Key clients

Among its clients are UniCredit Bulbank, BNP Paribas, Artzone, Cascadas Group, MD Immobilien, UniCredit Consumer Financing, Odelo Bulgaria, Ferro Corporation, Creditreform, Top Five, HCR Tech Huddle, Ministry of Regional Development and Public Works, Botevgrad Municipality, and Watter Supply and Sewage Company.

 

Client feedback: 31st edition (2020/2021)

M&A                  

"They are prompt and adaptive. Enter quickly into the case and understand the business logic in it. Always provide additional point of view."

 

Project development : Telecommunications networks                      

"Excellent understanding of the business needs - in terms of level of detail and structured feedback; timely, precise, to the point, capable of finding legal solutions rather than underlying the obstacles."

 

Project development               

"Competent, communicative, open to recommendations, flexible."

"The main strengths of this law office are mostly related to the precision and correctness of their work, as well as the quick reaction to each case."

"They pay attention to detail and stick to the legal framework."

 

Restructuring              

"A lot of competence; the conversations are conducted in whatever language the client wishes; always very professional."

Wolf Theiss

Wolf Theiss is a corporate law firm with an office in Sofia, Bulgaria, established in 2007. The Bulgarian office has 19 lawyers. It’s part of the international law firm Wolf Theiss with 340 lawyers in 13 countries.

 

Focusses / specialisms

The firm is active in banking and finance, corporate and M&A, and project development, advising clients on cross-border transactions.

In banking and finance the firm advises lenders and borrowers on acquisition finance, project finance, bondholders and issuers on note issues, and financial services providers on regulatory matters.

In corporate and M&A the firm advises mostly investors and purchasers on corporate governance matters, acquisitions, joint-ventures, and conduct due diligence analysis.



Key clients

Among its clients are Shah Deniz Consortium, Axpo Group, ERG Renew, ENEL Green Power, OAO Gazprom, South Stream Transport, AresGas, EBRD, BSTDB, EIB, IFC, UniCredit Bulbank, Apollo Management, Visa Europe, Generali, AIG, Trading 212, Rimaco, Lukoil, Software Group, NIK Agro, Monbat, Waterland and Edison.