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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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President vetoes amendments to bankruptcy law

President vetoes amendments to bankruptcy law

21 February 2018 | 15:53 | FOCUS News Agency
Sofia. President Rumen Radev returned to the Parliament some of the latest amendments to the law on bankruptcy, his press office said. According to the president, in violation of the rule of law, these amendments retroactively rearrange legal consequences, acquired rights and repaid liabilities. The amendments retroactively affect past proceedings for Corporate Commercial Bank (CorpBank). “The President supports the efforts by the National Assembly for more effectiveness in the protection of the public interest in bankruptcy proceedings, but it must be achieved by constitutional means,” according to the presidential statement.
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