S they put up a barrier for failed managers so that they don’t squander and bankrupt new companies and organizations.
With changes to the Law on the Commercial Register and the Register of Non-Profit Legal Entities, a new Register of Persons Deprived of Management Rights is created.
The draft has been published for public discussion by the Ministry of Justice.
Bulgaria is currently in criminal proceedings for non-implementation of the European Digital Directive for lack of such information.
The register will contain an electronic database of the circumstances under which natural persons have been deprived of rights to be managers, members of the Board of Directors, supervisory board or management board. It will include people who went bankrupt or were heads of companies declared bankrupt, if there were unsatisfied creditors, the draft law provides.
Persons who are deprived of commercial activity will also be included, as well as those who have been found by a criminal decree to have failed to fulfill their imputed responsibility for creating stocks of oil and oil products.
A case is conducted in electronic form for a person deprived of management rights. Its entry in the register is based on an act of the court or another state body.
The register is maintained by the Registration Agency and is accessible to the court, the prosecutor’s office and other state bodies.
The register is not public, but everyone has the right to ask and receive information if they are entered in it and what are the incriminating data and documents. The person’s heirs also have such a right.
The registration agency ex officio deletes the entered person from the register when the period of deprivation of the right to drive has expired or the person has died.
The convicted person will also be able to submit an application to the agency for removal from the blacklist.