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MPs override presidential veto on amendments to bankruptcy law

MPs override presidential veto on amendments to bankruptcy law

7 March 2018 | 15:31 | FOCUS News Agency
Sofia. The MPs rejected the presidential veto and conclusively adopted in a 129-40 vote the amendments to the bankruptcy law related to the CorpBank case, FOCUS News Agency reports. President Rumen Radev is to promulgate the amendments within 7 days.
The bill’s stated goal is to provide effective mechanisms for dealing with insolvent banks and to counter schemes for plundering of assets, purchased directly or indirectly with money from the bank.
The amendments include restrictions for trustees and receivers to cancel collaterals pledged in favour of the insolvent bank. They also introduce a relative invalidity for transfers of receivables originating from the bank.
According to President Radev, the amendments retroactively rearrange legal consequences, acquired rights and repaid liabilities. In his veto, he insisted that public interest in bankruptcy proceedings must be protected by constitutional means.
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Parliamentary Committee on Legal Affairs overturns presidential veto on law relating to CorpBank bankruptcy

Parliamentary Committee on Legal Affairs overturns presidential veto on law relating to CorpBank bankruptcy

28 February 2018 | 16:36 | FOCUS News Agency
Sofia. The Parliamentary Committee on Legal Affairs overturned the veto of President Rumen Radev on the Bank Insolvency Act, FOCUS News Agency reports. 13 Members of Parliament voted for the rejection of the veto and 7 MPs voted against it. Thus, the Bank Insolvency Act was re-endorsed by the Legal Committee.
On 21 February, President Rumen Radev vetoed and returned to Parliament 3 paragraphs of the Transitional and Final Provisions of the Act to amend the Bank Insolvency Act adopted by Parliament on 9 February. According to the head of state, Bulgarian society needed to know the specific consequences of those amendments.
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