Regulatory Alerts2006-01-20
Ordinance No. 32 on Reporting Requirements and Assignee’s in Bankruptcy Budget
The Bulgarian National Bank issued Ordinance No. 32 to establish detailed procedures for assignees in bankruptcy regarding journal keeping, reporting, and budget management. The regulation mandates the daily recording of all estate management actions in a special journal and requires the submission of specific initial, monthly, and final reports to the Deposit Insurance Fund. It further outlines the approval process for monthly bankruptcy expense budgets and requests for extraordinary expenses, while granting creditors the right to review these records.
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