Amendments of the Bulgarian Commercial Act concerning some type of commercial deals and resolutions adopted in the LLCs

As of 3 January 2017 a new qualified written form is implemented in the Commercial act for some commercial contracts and resolutions, issued by the limited liability companies (LLC). Until the present moment the transfer of a commercial enterprise (in total and partially) and the share transfer was executed with a notary public authentication of the signatures of the parties. The new qualified written form for these contracts is a notary public authentication of both signatures and content of the document, executed simultaneously. This new qualified written form shall be applied also to the following resolutions of the General assembly or the sole owner of the capital of the LLC: inclusion and exclusion of a partner; providing consent for share transferring to a new partner; decreasing and increasing of the capital; electing a General manager; acquiring and purchasing of immovable properties and rights in rem of this immovable properties. The resolutions under the previous sentence might be adopted with an ordinary written form if this is explicitly envisaged in the Article of Association/Incorporation deed of the LLC.