Company Liquidation in Bulgaria
Liquidation is the final stage of a company’s existence — the legal entity continues to exist as a legal person but has ceased all commercial activity and may no longer enter into new business transactions. During this period, the company’s name must carry the extension “in liquidation”. Once the process is complete, the company is permanently deleted from the Bulgarian Commercial Register and ceases to exist entirely.
A liquidator is appointed to manage and represent the company throughout the entire liquidation process. The liquidator’s responsibilities include: settling all outstanding obligations to creditors and the state, collecting any receivables owed to the company, selling assets where necessary, and distributing any remaining assets to the shareholders once all debts have been cleared.
NBS, in partnership with law firm Belcheva & Karadjova, provides full end-to-end support throughout the entire liquidation process — from the initial decision to close the company through to the final deletion from the Commercial Register. Our team handles all document preparation, filings, and communications with the relevant authorities (NRA, NSSI, Commercial Register) on your behalf, keeping you informed at every stage and ensuring the process is completed correctly and efficiently.
How the Process Works
Step 1 – Notify the NRA Before starting, notify the National Revenue Agency (NRA) in writing. The NRA issues a certificate within two months, which is required to open the liquidation.
Step 2 – Register the Liquidation Submit the liquidation resolution and liquidator’s notarially certified signature to the Commercial Register.
Step 3 – Invite Creditors Publish a formal invitation to creditors in the Commercial Register. Creditors then have a minimum period to file claims:
- Standard procedure: 6 months
- Accelerated procedure (new from October 2024): 3 months
Step 4 – Settle All Claims The liquidator collects receivables, sells assets if needed, and pays all creditors. No new commercial transactions may be made during this period.
Step 5 – Final Deletion Once all claims are satisfied, prepare the final liquidation balance sheet, obtain a certificate from the National Social Security Institute (NSSI), and file for deletion from the Commercial Register.
Typical timeline: 7–9 months (standard) or 4–5 months (accelerated)
New: Accelerated Liquidation Procedure (2024)
As of 1 October 2024, Bulgarian law (Art. 274a of the Commercial Act) introduced a fast-track liquidation option. To qualify, your company must — for at least 12 months — have had no business activity, no employees, no VAT registration, and no outstanding state liabilities.
Required Documents
To start the liquidation:
- NRA certificate (Art. 77, para. 1 TSIPC)
- VAT deregistration confirmation (if applicable)
- Notarially certified specimen signature of the liquidator
For final deletion (~6 months later):
- NSSI certificate (Art. 5, para. 10 of the Social Security Code)
- Final liquidation balance sheet
All other documents are prepared and filed by our team. You sign and return them by email.
Pricing
- NRA certificate – 20 EUR
- VAT deregistration – 100 EUR
- Registered address during liquidation – 190 EUR
- Professional liquidator – 300 EUR
- Lawer and government fees apply — 500 EUR for documents in Bulgarian ( 1,000 EUR for bilingual documents (Bulgarian + English))
- Accountant – 300 EUR
- NSSI certificate – 20 EUR