Miroslava Hristova

Leaders in Law endorses Miroslava Hristova as our exclusively recommended Commerical Law expert in Bulgaria. If you wish to get in touch with Miroslava, please use the contact information provided above.

Areas of Expertise:

  • Commercial and Corporate Law
  • Comprehensive legal advice to German-speaking investors in Bulgaria
  • Contract law
  • Real Estate and Construction Law
  • Government regulation and compliance
  • Retail and consumer protection
  • Labour law
  • Competition law and antitrust law
  • Taxable

About Us

Legal expertise and business know-how from a single source

Professionalism and passion in everything we do

Our philosophy is to provide legal advice of the highest quality. We work passionately and attach great importance to high professionalism and creativity as well as maximum efficiency and safety. For us, legal advice means much more than just solving a legal problem. Of vital interest to entrepreneurs is the ability of his law firm to empathize with entrepreneurial processes and the decision-making processes associated with them. For this reason, we are closely and constantly tied to the business activities of our largest clients.

Think smart!

As a boutique law firm, we are particularly proud to have been able to support and represent a number of well-known international corporations in their activities in Bulgaria on a daily basis for many years. Our portfolio includes all services that are also provided by large law firms. Large companies choose us because our law firm structure and our “hands-on” mentality enable us to offer pragmatic, creative and individual solutions quickly and smoothly at an attractive price.

We attach great importance to transparency in setting the client’s budgets. For your cost certainty, we will discuss the calculation basis in detail with you in advance.

Personal and individual

We have the service profile of a major international law firm and the efficient structures of a boutique. In this way, we offer our clients flexible, high-quality and personal legal advice. Short communication channels are a matter of course for us. Every client can rely on our team at any time and count on our expertise.

We see our work as a personal relationship with our clients. For this reason, we are always available and ready for personal meetings at any time. Every client is valuable and should receive the best service. Long-term cooperation with our clients is of the highest priority for us.

We see ourselves as the extended arm of your corporate team. Our clients particularly appreciate the tailor-made creative approach and the ambition with which we solve even the most complicated cases. All this, as well as the individual relationship with each of our clients, distinguishes us. We combine our legal expertise and business know-how with the extensive practical experience of each of our employees. This is how Vorsprung is created.


Iveta Balieva

Leaders in Law endorses Iveta Balieva as our exclusively recommended Corporate Law expert in Bulgaria. If you wish to get in touch with Iveta, please use the contact information provided above.

Iveta Balieva is Founder and Managing Partner of LTA Consulting Ltd. She is Attorney-at-law, member of Sofia Bar Association and an Intellectual property representative.

Our company LTA Consulting Ltd is in active cooperation with consultants in the field of law, finance, taxation, and planning from almost all member states of the European Union, as well as such from England, Türkiye, North Macedonia, Serbia, Ecuador, Peru, Brazil, Indonesia, Dubai, Morocco, Australia, and others.

The areas in which the company is specialized in providing consulting to its clients are:


LTA Consulting provides comprehensive services to its clients in the field of corporate and commercial law, with the main priority of our team being the achievement of the strategic goals of our clients. We strive to provide broad-spectrum assistance to our clients, expressed in consulting from the “pre-design stage” of a given business venture, and subsequently also during the establishment, corporate changes, business expansion, transformations, acquisitions, and sales.


The LTA Consulting team is clearly aware of the importance of mergers and acquisitions (including international ones) and the strategic advantages they bring to businesses. Our team has significant M&A experience and has been involved in the structuring of such transactions in the investment, food, and retail industries. Our experience and expertise in this field allow us to develop an individual strategy for the successful completion of each transaction.


The company provides full assistance in the fields of banking and financial law by striving to fully cover all its clients’ needs.


LTA Consulting provides assistance to its corporate clients on all tax issues, including international ones, with the aim of offering optimal solutions for the achievement of their business endeavors. We are in close cooperation with tax consultants, financial experts, and auditors, including those in the European Union and in third countries, so that our assistance is as comprehensive, reliable, and effective as possible.


The company assists legal entities, including foreign ones, in the process of collecting their receivables. Our extensive experience in this field helps us to be flexible and offer a variety of options – conducting negotiations with debtors; reaching out-of-court agreements for the rescheduling of obligations; undertaking legal actions – injunction, collateral and claim proceedings; formation of executive cases.


LTA Consulting provides its clients with a full range of consulting services relating to the difficult process of real estate acquisition, design, construction, purchase and sale, as well as outlining the possible risks and complications accompanying transactions.


LTA Consulting works closely with lawyers with extensive experience in the field of legal representation related to civil, administrative, and administrative-criminal proceedings. The lawyers we work with represent some of the largest companies in the food industry, trade, services, and insurance.


LTA Consulting provides advice and defense to its clients in relation to matters relating to prohibited agreements, unfair competition, abuse of dominant position, hidden and misleading advertising, and others.


LTA Consulting team advises its clients (insurance companies and insured individuals and legal entities) in the field of insurance law. We effectively advise our clients on regulatory requirements and also provide legal representation in relation to insurance disputes.


LTA Consulting offers consulting and representation in relation to the procedure for application and registration of a trade mark in the Patent Office of the Republic of Bulgaria, located in Sofia, as well as of an EU trade mark in EUIPO (European Union Intellectual Property Office) and international trade mark (in WIPO).


LTA Consulting provides assistance in public procurement procedures – both to contracting authorities and to contractors.


LTA Consulting has a team of experienced accountants who provide ongoing accounting services to a large number of companies, complying with the provisions of the National Standards for Financial Statements for Small and Medium-Sized Enterprises and the International Accounting Standards, as well as the requirements of the Bulgarian and European legislation.


Nikolay Ivanov

Leaders in Law endorses Nikolay Ivanov as our exclusively recommended Accounting Services expert in Bulgaria. If you wish to get in touch with Nikolay please use the contact information provided above.

Nikolay Ivanov holds a Master’s degree in Accounting and Control from “D.A. Tsenov” Academy of Economics and a Master’s degree in Law from Varna Free University “Chernorizets Hrabar”. His first job was as a bookkeeper. Since the end of 2008 he has been part of the Kreston BulMar team, and at present he is a Partner in the accounting practice of the company. He has dozens of publications and seminars on taxation and accounting. He has a vast experience in taxation and payroll consulting.

Firm Description:

Kreston BulMar has been operating in Bulgaria since 1996 and today it is the biggest accounting firm in the country, with 24 offices in Sofia and across the country, more than 300 employees and over 4,000 customers.

Our mission is our clients’ growth

We support our clients’ growth through proactivity, management of accounting and complex business consultations, services and solutions. And we ensure the growth of the economy as a whole through the growth of our numerous clients.


We try to be standard-setters and pioneers for the best practices and solutions in our industry.

Our goal is to make sure that our people have the best training and rich experience so as to have the best prospects and motivation to make our mission possible.

We spare no effort to make our people feel involved in something big, modern and dynamic which is the result of their commitment.

If you need better accountant, auditor or business consultant, please send us a request.

Accounting Services

We provide fast processing of business operations and prepare the monthly financial statements and managerial reports needed by the management within short time limits.

We provide all the necessary current accounting, tax, financial and business advice so that the best managerial decisions can be made.

After the end of each fiscal year, we prepare thorough due diligence of the financial state-ments and the dozens of financial indicators, making comparisons on a year-over-year basis with a view to taking the best measures for improvement and growth.

Our Experience

We provide services to small, medium-sized and big companies in all industries with revenue ranging from several hundred thousand to close to 100 million BGN, including manufacturing, commercial and service companies.

Our customer base includes many non-governmental organizations. We provide services to companies which operate directly on various markets and we are perfectly competent to cope with the complicated taxation systems of different coun-tries.

We have vast experience in the domestic and international online commerce. We prepare all the specific financial statements and consolidation packages in accord-ance with the IFRS or US GAAP for companies which belong to international groups based in Europe or in the United States.

We prepare quarterly and annual consolidated statements in compliance with the IFRS for foreign and Bulgarian groups of companies with their head offices in Bulgaria.

We provide the service with equal ease using our in-house accounting software or the ERP systems of our clients.


Emil Delchev

Leaders in Law endorses Emil Delchev as our exclusively recommended Insolvency Law expert in Bulgaria. If you wish to get in touch with Emil please use the contact information provided above.

Emil Delchev headed the legal and tax department of Ernst and Young (Sofia) from 1995 until 1998. From 1998 to 2002 Emil Delchev was contracted to be in charge of the legal and tax department of Arthur Andersen (Sofia). Upon the demise of Andersen in 2002 and following a merger between Ernst & Young and Andersen in Bulgaria Emil Delchev headed the tax service line of Ernst & Young (Sofia) until February 2005 when he founded Delchev and Partners.

Emil Delchev brings the most valuable experience in practically all areas of law and taxation. Emil Delchev has guided hundreds of foreign investors in establishing their businesses in Bulgarian in times when Bulgaria changed from state to market economy. He has been involved from both legal and tax perspective in privatizations, restructurings, M&As, due diligence processes, acquisitions. Emil Delchev has provided advice in relation to some of the biggest and most complex transactions in Bulgaria.

Significant Representations

  • Involvement in complex shareholders arrangements and disputes between the shareholders in TechnomarketDomo NV, which included Bulgarian and Dutch law aspects. Regarding the Dutch law aspects of the matter Delchev & Partners co-operated with Clifford Chance (Amsterdam), together also participating in a following litigation before the Dutch court. TechnomarketDomo NV (“TMD”) used to be the owner of K&K Electronics EAD – the largest retailer and wholesaler of electronics in Bulgaria operating under the brand name Technomarket. TMD is also the owner of the Romania Domo retail operations – a market leader on the Romanian consumer electronics market.
  • Advice to the giant ALSTOM for more than 8 years in the largest, most important project for Bulgaria in the last 20 years. ALSTOM is the general contractor of the American energy company “AES” in the construction of Thermal Power Plant of 670-MW. The project cost is estimated at EUR 1.2 billion.
  • Vendor due diligence in relation to Delta Maxi’s disposal of its food retail business to Delhaize Group.
  • Advice and effectuation of a cross-border, multi-jurisdictional restructuring of East Balkan Properties plc. – AIM listed company investing in the property market of South East Europe, primarily in commercial, retail and industrial property with principal focus on Bulgaria, Romania and Serbia.
  • Tax due diligence, tax advice and transaction support to Heitman in its acquisition of the City Center Sofia Shopping Mall in Sofia, Bulgaria, from Equest Balkan Properties plc. The acquisition is one of the largest real estate transactions in the SEE region with a price of €101.5 million paid by Heitman through its European Property Partners III fund.
  • Sell-side advisor and provision of the complete range of M&A services to the shareholders of 2be in relation to the disposal of their shares to the Bulgarian Telecommunication Company. The transaction included inter alia complicated intellectual property and competition aspects. 2be is the biggest phone accessories retail chain in Bulgaria.
  • Sell-side advisor to Pamporovo Ski in the disposal of the Pamporovo Ski’s going concerning to Amer Sports. Pamporovo Ski is the only Bulgarian ski factory and is among the top 10 world ski manufacturers.
  • Due diligence, transaction support, CPC notifications and advice to Delta Maxi for the acquisition of the prestigious Bulgarian chain of supermarket operating under the brand name “Piccadilly”.
  • Transaction support and advice to the shareholders of diary company Fama in the disposal of the business to the Spanish private equity group GED. Notification of the transaction to the Bulgarian competition regulator.
  • Advised Wrigley Bulgaria on the reorganization of the business activity.
  • Buy-side adviser to a US stock-exchange listed corporation Bovie Medical Corporation in the acquisition of Bovie-Bulgaria EOOD for the price of approximately USD 1.2 million.
  • Advised Agrana Zucker GmbH on the restructuring of the business activity in Bulgaria with regard to the merger of Agrana Bulgaria EAD into Agrana Trading EOOD;


Moscow State Institute of International Relations (MGIMO), Moscow (Master of Law)

Other Qualifications

  • Licensed Administrator of Insolvent Companies (Order # LC-04-72/2006 published in State Gazette # 16/21.02.2006);
  • Officially registered with the Bulgarian Patent Office as an industrial property representative under No 403;
  • Officially registered with the Office for Harmonization in the Internal Market (OHIM) as European Trade Mark and Design Attorney under No. 73148.

Bar Admissions

Member of the Bar


English, French, Russian

Firm Description:

Delchev & Partners is a prime, full service, commercial law firm with offices in Sofia and Plovdiv, Bulgaria.

Our solicitors provide comprehensive legal services and expert tax consulting solutions to multinational corporations operating in Bulgaria, international companies, closely held foreign and Bulgarian businesses, local entrepreneurs, exempt organizations and individuals.

Our experienced team of professional lawyers in Bulgaria will assist you with any legal or tax issues that you or your business in Bulgaria is facing.


Konstantin Vassilev

Leaders in Law endorses Konstantin Vassilev as our exclusively recommended Corporate Law expert in Bulgaria. If you wish to get in touch with Konstantin please use the contact information provided above.

Konstantin Vassilev is Founder and Managing Partner of Vassilev & Partners Law Firm.

After founding the law firm he attracted a team of ambitious professionals with experience in different areas of law and finance. Their common feature is their love for the profession they chose, their pursuit of self-development and their motivation to provide high-end legal services with clear focus on clients’ interests.

In this way, in just a few years, Vassilev & Partners Law Firm became a reliable and irreplaceable partner of many Bulgarian and foreign companies as well as private clients.

Konstantin graduated in Law with distinction at the Faculty of Law of Sofia University “St. Kliment Ohridski”. Afterwards he acquired a Master’s Degree in Financial Law from the Institute for Law and Finance with Goethe University Frankfurt am Main, in Germany.

As a student he gained valuable legal experience as a legislative assistant to the “Student’s program for legislative studies” at the National Assembly of the Republic of Bulgaria by taking part in the preparation of the legislative study in “Anti-monopolistic legislation in EU Member States”. As a scholarship student of the Bulgarian-American Commission for Educational Exchange “Fulbright”, Konstantin expanded his expertise in the area of International Investing, Alternative Dispute Resolution and Project Management.

He won a scholarship for education in the Summer University Program in Bayreuth, Germany, organised and financed by the German Academic Exchange Service (DAAD). He specialized in the area of Intercultural and International Business Communication.

Prior to founding Vassilev & Partners Law Firm Konstantin was legal counsel at the Supervisory Board Chairman’s Office and the Legal Department of a leading Bulgarian commercial bank, as well as paralegal at the trusted legal firm of the Embassy of the Federal Republic of Germany in Bulgaria. The professional experience and expertise he gathered at these positions have a considerable importance for his development as an expert in the field of corporate and financial law.

As part of the Acquisition Finance Team at Clifford Chance in Frankfurt and the Corporate and Commercial Team at Freshfields Bruckhaus Deringer in Dusseldorf, he gathered knowledge on how leading international companies are to be consulted on a global scale. This gave him the confidence to start his own legal practice.

After successfully passing the exams at the Bulgarian Ministry of Justice Konstantin is now included in the list of persons who can be elected as an insolvency administrator.


  • Sofia University “St. Kliment Ohridski”, Master of Laws
  • Goethe University, Institute for Law and Finance, Master of Laws in Finance, Frankfurt am Main, Germany

Practice Areas


  • Sofia Bar Association
  • German-Bulgarian Chamber of Industry and Commerce
  • Bulgarian-Swiss Chamber of Commerce
  • British Bulgarian Business Association


  • Bulgarian
  • English
  • German
  • French
  • Russian

Firm Description:

Vassilev & Partners Law Firm is a dynamic and business-oriented law practice that provides high quality legal services to local and foreign corporate clients. We support entities already established in the Bulgarian market, as well as foreign investors who strive to start and develop their activities locally in an unimpeded manner.

Our main focus is the provision of legal services to international projects in the area of corporate and financial law, real estate and litigation. We provide a full range of legal analyses and due diligence investigations, legal advisory, legal subscription services, participation in negotiations, legal representation before judicial and extrajudicial institutions, state officials and third parties.

In addition to the legal services we offer you wide range of tax and accounting services to provide efficient solutions for the overall management of your business.

We have a network of local and foreign partners with whom we share expertise in order to ensure the legal completion of complex international projects. Our goal is to provide you with the right decisions in any situation especially where interaction with legal, financial and tax advisors from different jurisdictions is needed.

We offer you comprehensive legal services based on expertise, responsible and personally engaged approach. We take to heart your business interests and get to the core of the matter. Our goal is to fully satisfy your requirements and expectations.

We provide our services in Bulgarian, English, German, French and Russian.


Irina Stoyanova

Leaders in Law endorses Emil Delchev as our exclusively recommended Corporate Law expert in Bulgaria. If you wish to get in touch with Emil please use the contact information provided above.

We are local and we are international. We are young and we are experienced. We are innovative, dedicated, responsible, accountable, result-oriented and imaginative.  We are loyal to our values and loyal to our clients and partners.  We are diverse. We value professionalism and integrity, and we are passionate about what we do.

We are an integrated consulting company that offers solutions to companies, causes and individuals to make their goals a reality.

Corporate Social Responsibility

One of ST’s stratigic goals is to continue to be a attentive and responsible market participant in all the communities and industries where we operate.

Through our ethical and socially sustainable business practices, we aim to deliver value for all of our stakeholders – our clients, our partners, the majority of which are also owners and their clients. We want to see our communities grow together with us.

We strive to proactively engage all our stakeholders in a variety of ways and respond to their challenges in a timely, transparent and culturally appropriate manner.

We embrace initiatives in support of the rule of law, innovation, equality, diversity, education, culture and public health.

Strategy and Planning

This isn’t the time to put strategy on lockdown. These are the times to reassess, reinvent, regroup and tackle the market anew. We can assist you in building strategies that address your most pressing challenges and transition your business into sustainable growth. We help our clients navigate risk to increase stability and agility through an expert and practical approach.

Change Management

We know change can be challenging and we love resolving challenges. There is no issue too small for us and for our clients. From integrating process changes into the lower levels of operations to visionary shifts in mindset and markets we are here to work and assist you manage that process.

Market Entry

We accelerate your speed to the market. With our local know-how and partnership network we can assist you as foreign investors in entering into the Bulgarian market in the most optimal, professional, practical and cost-effective way to translate your venture into a bankable business.


We help you structure and build your business or project to achieve operational readiness and, where you need to, we can deploy our team and network of partners to undertake your hassle so that you can focus your time and resources on what you do best.

Follow up – Implementation and Monitoring

Delivery is key otherwise the best strategy remains an abstract. Responsibility and accountability are at the foreground of your value system and we know this is true for your business operations too. So are results. We help you assess if your operational plans are adequately aligned with your business goals and we help you fuel the gaps to ensure delivery.
We stay on the forefront of national and international regulation. Our experts will assist you with compliance management and offer you the most efficient way to navigate the regulatory framework. Our legal and tax experts work hand in hand with our risk management team and sector experts to put in place the most thorough, coherent and effective agreements and policies for your business.


Z Aglika Ivanova

Leaders in Law endorses Aglika Ivanova as our exclusively recommended IP Law expert in Bulgaria. If you wish to get in touch with Aglika please use the contact information provided above.

Aglika Ivanova is Attorney-at-Law, European Trademark &  Design Attorney, and Bulgarian Trademark, Design and Patent Attorney.

She has specialised in legal advice and consultations  in the area of Intellectual and Industrial property  trademarks, patents, plant varieties, industrial design, copyright). Representation of clients before the Bulgarian courts – all instances in connection with patent, trademark, copyright litigation cases and in connection with enforcement and infringement cases and procedures; Representation before the Commission on unfair competition and before the Commission on Consumer protection; representation before the Bulgarian customs in connection with border control for protection of IP rights; representation before the Investigation authorities (prosecution and police in connection with criminal cases for infringement of intellectual property rights).

Education: Masters Degree in Law, Specialisation in Patent Law, Specialisation in European Trade Marks and Designs

Current and previous positions: Partner in IP Consulting – www.ipconsulting.eu, Executive Secretary of the Association of Trade Mark Owners in Bulgaria, Consultant of the specialised site for copyright www.copyrights.bg, consultant of the National Portal of Intellectual Property www.ipbulgaria.bg

Author and co-author of the following publications:


Todor Tabakov

Todor Tabakov is one of the founders of Tabakov, Tabakova and Partners. He is a reputable attorney, having extensive experience in various fields of national and International law, including Taxation, Arbitration, Litigation, M&A, Commercial Law, Contracts Law, Competition, Banking and Financing, Real Estates, Oil and Natural Gas (upstream, mainstream and downstream), Energy.

He has comprehensive knowledge and expertise in Taxation and international tax planning. Todor is a well known and probably the most highly regarded international tax planner in Bulgaria. He practically laid down the foundations of the international tax planning business in the country. Todor’s advice has been sought in almost every complex international transaction ever to take place in Bulgaria.

Todor has held numerous positions at the Bulgarian Ministry of Finance and the Ministry of Economy and Planning. He was a consultant at the Organisation for Economic Cooperation and Development – Committee of Tax Affairs. Todor is currently a correspondent of Tax Notes International and Tax Analysts, IBFD. He is a member of IFA, TTN and the American Bar Association. Todor’s contribution to the international community has been recognized by the Madison Who’s Who and Who’s Who in the World biographical records, IBA and ABA biographical records.

Todor’s professional experience record includes: Judge at the City Court of Sofia and District Court of Sofia; Legal Advisor at the Ministry of Finance; Expert on International double taxation at the Ministry of Finance, Head of the International Tax and Investment Treaties Division of the Ministry of Finance, Head of International Financial Relations Department of the Ministry of Finance; Consultant at OECD – Fiscal Affairs Committee; Chief Executive Officer of Preston Finance Ltd.

Todor has over 60 publications in Bulgaria on legal matters, related mainly to tax and investment agreements and relevant legislation, publications in TNI (tax analysts) and Central European (Euromoney) publications.

Todor’s membership of professional bodies includes: Sofia Bar Association; European Association of Trustees, International Fiscal Association, Bulgarian Chamber of Tax Advisers. Todor is a member of the board of directors of the Bulgarian Chamber of Commerce and Industry and of the Board of the Bulgarian Association of Professional football players. He is also a member of the International Biographic Association and correspondent of Tax Notes International.

Todor is fluent in English, French and Russian.

Vladimir Penkov

Mr. Vladimir Penkov is Chairman and Senior Partner of Penkov, Markov & Partners – international law firm which has more than 20 years of experience in the field of Banking and Finance legal advices and consultations.

Mr. Penkov has extensive experience in negotiations, researches, drafting of legal documents and representing clients in various areas of commercial law, such as Banking and Finance, Corporate Law and Commercial Contracts, Competition, Privatization and Foreign Investments, Investment Management, Mergers and Acquisitions, Project Finance, Public Procurement, Licensing and Know-How Agreements, Tax Law, Telecommunications, Media & IT, Energy Law and Renewable Energy Sources.

As a leading banking law practitioner and as part of his track-record Vladimir Penkov has led negotiations, represented and provided legal advice to: EBRD in connection with debt financing of Cellhart AD, debt financing of Balkanpharma Holding AD, Astera Holding AD and Aroma AD, Crédit Suisse AG, Landesbank Baden-Württemberg, PAC Doverie, Bulstrad Life (Vienna Insurance Group), Innimmo Investments, Industrialen Holding – Doverie, HYPO NOE Gruppe Bank, International Finance Corporation, Industrial Capital Holding as well as the preparation of the business and legal scheme in connection with the extension of large credit amount to Domain Boyar AD by EBRD.

As a leader of PM&P’s team Mr.Penkov has personally showed resourcefulness and proactivity in the consulting of UBB by EBRD and Oppenheimer & Co and by National Bank of Greece, of Kardan by the acquisition of NLB Banka. He has also advised the Austrian banking consortia, led by Bank Austria, in the successful negotiation of the terms with the Minister of Finance, on the repayment of the extended credit for the modernization of Kremikovtzi.

The Chairman and Senior Partner of  PM&P is specialising in the area of Banking and Financial Law and Capital markets and has participated in the legal team providing  advice to Ferratum Group in terms of establishment and structuring of their business as the first company of in Bulgaria providing distant financial services, legal advice and consultation to Gumiz AD and Micro Credit regarding providing of micro credits and consumer credits; Preparation of legal analysis for Sofia municipality pursuant to the “Law of the public finances“ in relation to Contracts for financing contract concluded between the European Investment Bank and Sofia municipality for  financing of “The Project of Sofia municipality for treating of waste matter” etc.

Mr.Vladimir Penkov has given legal advices in the process of reorganization of the Bulgarian subsidiaries of Kardan N.V., Kardan Financial Services B.V, TBIH Financial Services Group N.V. and TBIF Financial Services B.V. being active in insurance, additional pension insurance, voluntarily health insurance, financial services such as investment intermediary and asset management company, leasing services and consumer financing.

The Chairman and Senior Partner of PM&P advise the full spectrum of bank related transactions and have advised the establishment of one of the first asset management companies in Bulgaria while currently the PM&P team provide regular services to some of the major non-banking financial institutions in Bulgaria and their branches.

Successfully assisted one of the largest non-banking financial institutions in Europe to set foot in Bulgaria, filling the niche on online consumer loans.

Constantly expanding including legal consulting for investment companies, mutual and pension funds, asset management companies, investment mediators and ventures.

Comprehensive consulting on the structuring, financing and applicable regulatory framework in that field. Of special value for clients is the possibility for PM&P to expand at a very short notice the designated team including experts from other fields to give a helping hand in this highly specific area, should the case so require.

Mr.Penkov assisted the first foreign bank branch to register in the country after the democratic changes (Landesbank) and the structuring of the first capital investment by a foreign bank (Raiffeisen Bank) in a local bank under the conditions of a missing detailed legal framework and practical experience in this sphere.

Under the conditions of a rigidly regulated market and a strictly limited number of banking licenses, the team of PM&P leaded by the Managing Partner Vladimir Penkov has consulted, over the years, the EBRD, Oppenheimer & Co., the National Bank of Greece, Alpha bank – Bulgarian Branch, United Bulgarian Bank, Piraeus Bank and Kardan in the acquisition of three of the largest Bulgarian banks, including the merger of a bank branch into a bank (Piraeus Bank).

Mr. Penkov and the team of PM&P are acting as legal counsel to the buyer with regard to the contemplated purchase of 99.53 % of the shares owned by International Hospital Service Co, Japan in Tokuda Bank. The project refers to the acquisition of a medium-sized commercial bank and has passed through legal, financial and tax due diligence, negotiations and signing of Share Purchase Agreement, Escrow Agreement and is now in the stage of obtaining the respective regulatory approvals from the Bulgarian National Bank and the Competition Protection Commission.

The Chairman and Senior Partner of PM&P represented UBB as bond emission trustee, providing the overall defence of creditors’ rights over the bond emission, incl. legal representation in the event of bankruptcy proceedings against Bross Holding, but also overall representation in all other enforcement proceedings initiated under the Registered Pledges Act and other legal issues related to the case.

Mr.Vladimir Penkov and PM&P’s team also were a consultant of Piraeus Bank Bulgaria AD as collateral agent to the bank syndicate including also United Bulgarian Bank, Unicredit Bulbank and Alpha Bank – Bulgaria Branch.

Another client of the law firm is HYPO NOE Gruppe Bank AG, Austria.  Mr.Penkov’s involvement has included among others: due diligence review of the two companies that operate the photovoltaic plants (Kompania za Energetika I Razvitie EOOD and Green Energy Park AD); preparation of preliminary legal opinions for the purpose of participation of the client as co-lender together with Société Générale Expressbank AD and PV Investments ЕAD; review and revision of the respective Club Loan Agreements and all securities agreements; review of the certificates issued by the Commercial Register, the Central Register of Special Pledges and the Property Register evidencing the granting of the securities by the borrowers, co-debtors and mortgage debtor; issuance of final legal opinions re legal compliance of the transaction


·         Penkov, Markov & Partners – Founder and Managing Partner 1990-2017; Chairman and Senior Partner since 2017;

·         Bulgarian Telecommunications Company AD – Member of the Managing Board, 2007-2008, Chairman of the Supevisory Board, 2008 – 2013 and reelected as Chairman since 2014-2017;

·         NIKAS Bulgaria AD – Member of the Board of Directors, 2009 – 2012;

·         Arbitration Court at the Bulgarian Chamber of Commerce and Industry (BCCI)  – Arbitrator since 1999;

·         BCCI – Member of Managing Board since 1993 and Vice President, 1999 – 2006;

·         Zagorka AD – Member of the Board of Directors,1998 – 2006 and Executive Director, 2000 – 2002;

·         Ministry of Foreign Economic Relations – Head of Division „Austria and Switzerland“, 1989 – 1990;

·         Technica Foreign Trade Organization – Chief Legal Counsel, 1987 – 1989;

·         Sofia City Court – Intership as a judge, 1976 – 1977;


·         Sofia University St. Kliment Ohridski – Master in Law, 1976

·         Economic University, Karlshorst, Germany 1970 – 1972


·         Bulgarian, German, English


Radoslav Mikov

Radoslav Mikov has extensive expertise in the energy sector and regularly advises clients across the CEE/SEE region on regulatory issues regarding generation, public procurement, licenses and tariffs, connection to the grid, electricity distribution, non-discriminatory compliance programs and equal access issues, retail supply and electricity trade, as well as construction matters. He also has experience advising clients on multi-disciplinary due diligence projects with respect to regulatory and real estate law matters in the energy sector. Prior to joining the firm, Radoslav worked as senior counsel for a nuclear power plant in Bulgaria.  He also served as head of regulatory management for one of the major energy suppliers in Bulgaria.


Our Firm:

Wolf Theiss is one of the leading law firms in Central, Eastern and South-Eastern Europe (CEE/SEE). We have built our reputation on a combination of unrivalled local knowledge and strong international capability. We opened our first office in Vienna almost 60 years ago. Our team now brings together over 340 lawyers from a diverse range of backgrounds, working in offices in 13 countries throughout the CEE/SEE region.

Over 80% of our work involves cross-border representation of international clients. Our full range of services covers: Banking & Finance; Business Crime; Capital Markets; Competition & Antitrust; Compliance; Corporate/ Mergers & Acquisitions; Dispute Resolution; Employment Law; Energy & Renewables; Infrastructure; Intellectual Property & Information Technology; International Arbitration; Investment Funds; Life Science; Real Estate & Construction; Regulatory & Procurement; Retail and Tax.

We have concentrated our energies on a unique part of the world: the complex, fast-developing markets of the CEE/SEE region. Through our international network of offices, we work closely with our clients to help them solve problems and create opportunities.


We do exactly what you would expect a law firm to do. We just do it differently. Our people are smarter, quicker and sharper than most. (So they keep telling us.) But they’re also ready to listen, receptive to argument and lightning quick to grasp what you need.

We like our working relationships to be enjoyable, open and direct. But it’s ultimately about getting results. So if you want advice on whether to go ahead with a deal, we won’t give a long list of delicately nuanced arguments for and against. Just a straight yes or no, backed by a concise rationale.

It’s about helping you make decisions and move your organisation forward. That’s what we do and where we get our satisfaction.