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THE SEIZURE OF SHARES OF VARIABLE CAPITAL COMPANY (VCC) IS IMPOSED UNDER SPECIAL PROCEDURES

With State Gazette, issue 66 dated August 1, 2023, Article 516a of the Civil Procedural Code (CPC) has been adopted, regulating the procedure for seizure of shares of a company with variable capital (CVC). Unlike the seizure of shares of a commercial company, which is carried out by sending a notice of seizure to the Commercial Register Agency, the seizureof shares of a CVC is imposed by sending a notice of seizure to the company itself. The company is obliged to immediately record the seizure in the shareholder book. The seizure becomes effective from the moment of delivering the notice of seizure and covers all property rights related to the shares. Upon receiving the notice of seizure, the shares become subject to enforcement by an enforcement agent. After the seizure has been imposed, the creditor may request a public sale of the shares. The enforcement agent, acting in their name on behalf of the debtor, sells the shares in accordance with the established procedure.