Registrations and bankruptcies of legal units

National Statistical Institute

Business Registers

Dimitar Dimitrov

Chief expert

Bulgaria, Sofia, 1038, 2 P.Volov Str.

[email protected]

+359 2 9857 683

Quarterly Business Demographics (QBD) includes data on registrations and bankruptcies of legal entities in the country.

Classification of economic activities (KID-2008);

NSI provides registration and bankruptcies, but breakdowns according to KID-2008 are not checked and confirmed. That is, the code according to KID2008 is as it was announced during the registration at the Registration Agency (Commercial Register and Register of the National Center for Trade and Industry and Bulstat Register).

The data covers the following sectors according to KID2008:

· A Agriculture, Forestry and Fisheries;

· B Mining and quarrying;

· C Manufacturing;

· D Production and distribution of electricity, heat and gaseous fuels;

· E Water supply; sewerage services, waste management and remediation;

· F Construction;

· G Trade; repair of motor vehicles and motorcycles;

· H Transport, storage and mailing;

· I Accommodation and Catering;

· J Creating and disseminating information and creative products; telecommunications;

· K Financial and insurance activities;

· L Real Estate;

· M Professional activities and research;

· N Administrative and support activities;

· P Education;

· Q Human health and social work;

· R Culture, sports and entertainment;

· Other activities

The NSI provides data on legal entities under the Commercil Law. For example: Joint Stock Company, Special-purpose investment company, Civil Law Partnership, Single-stock company (sole beneficial ownership of a legal entity (Limited Liability Companies), European company, European Cooperative Society, Single-member private limited-liability companies, Branch of a foreign entity, Limited partnership that has limited and general partners, Partnership limited by shares  (partners with unlimited liability, in the case of a limited partnership with a share capital), Limited Liability Company, which is limited to the share capital contribution, Entity without share capital, such as a partnership or trust, European Cooperative Society Limited, and others.

And also data on legal entities under the the Law on Obligations and Contracts and Cooperatives Act, Advocacy Act; Investment promotion act; Foreign non-natural person registered under the VAT Act; BULSTAT Register Act. For example: Cooperative organization, Companies under the Law on obligations and contracts, another trader within the meaning of the Commercial Law, Foreign non-natural person with a place of economic activity in the country, and others.Insolvency/bankruptcy - There is no separate law governing the insolvency proceedings in Bulgaria. The general provisions governing insolvency mainly for non-financial entities are laid down in the Insolvency Chapter of the Commerce Act. The insolvency of banks and insurance companies is governed by the special provisions laid down in the Bank Insolvency Act and the Insurance Code.

Most often, bankruptcy proceedings are initiated at the request of the debtor company or its creditor. The National Revenue Agency can also file an application to open bankruptcy proceedings, but only for a public law obligation to the state or municipalities related to the debtor's commercial activity or an obligation under a private state claim. Opening of such a proceeding may also be requested by the Executive Agency "Main Labor Inspectorate" if the company has required and unfulfilled obligations for labor remuneration for more than two months to at least one third of its employees. The application for the opening of bankruptcy proceedings is submitted to the district court at the registered office of the debtor company. When it is submitted by the debtor company, it is also announced under its account in the Commercial Register. The debtor company must request the opening of bankruptcy proceedings within 30 days of the occurrence of one of the two grounds - insolvency or over-indebtedness. Bankruptcy proceedings are legal proceedings and do not always mean that the trader is out of business.

Not applicable.

Not applicable.

For the territory of the Republic of Bulgaria.

Every quarter of the relevant year.

Not applicable.

Number.

Quarter.

• Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics, repealing 10 legal acts in the field of business statistics (EBS-Regulation)
• Commission Implementing Regulation 2020/1197 laying down technical specifications and arrangements pursuant to Regulation (EU) 2019/2152 of the European Parliament and of the Council on European business statistics repealing 10 legal acts in the field of business statistic (General Implementing Act)

Not applicable.

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The deadline for distribution of statistical information on births and bankruptcies is up to 15 days after each quarter.

Not applicable.

The data are available online on the NSI page for all users of statistical information.

Quarterly.

Together with the data, a press release is published on the NSI website.

Not applicable.

The data are available online to all users of the NSI page under the heading "Short-term business statistics", "Other monthly and quarterly data", under the heading "Registration and bankruptcies of legal entities".

Not applicable.

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Methodology for Registrations and Bankruptcies.

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Every quarter + 15 days after it.

The deadlines for providing the data for Registrations and bankruptcies are respected.

Not applicable.

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Not applicable.

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Trade Register and Bulstat.

Quarterly.

Quarterly according to the methodology.

Not applicable.

Not applicable.

Not applicable.