Smilena Hrusanova

Attorney at Law


Practice Areas

Mrs.  Hrusanova has practical experience of long standing in legal surveys, preparation of legal documents and representation of clients in different areas of business law such as Banking and Finance Law, Regulatory Permissions (CPC, FSC, BNB), Company Law, Commercial Contracts, Protection of Competition, Bankruptcy and Creditors’ Rights Protection, Mergers and Acquisitions, Project Finance, Legal Representation in litigations in the field of Civil, Commercial and Administrative law.


Mrs. Hrusanova, independently and as a part of different working groups within Penkov, Markov and Partners, has been involved in provision of legal advices and consulting services as well as in representation of clients in the following key projects: Mergers and Acquisitions: 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; transformation of the Bulgarian subsidiaries of the Coca-Cola Company through merger of eight commercial companies and respective establishment of Coca-Cola Hellenic Bottling Company Bulgaria; reorganization of the activity of Titan S.A. in Bulgaria; transformation of the subsidiaries of Heineken in Bulgaria; acquisition by Piraeus Bank S.A. of the majority stake of shares in Eurobank; acquisition by Pernod Ricard S.A. of sole indirect control over Allied Domecq PLC; acquisition by Mitsui & Co, LTD of indirect joint control together with Arcelor over AMSA Steel Service Centre (PTY) LTD.; acquisition by Viva Ventures Holding GmbH, Austria (ex-owner of BTC AD) of 100% in Viva Ventures Holding Limited, Cyprus and Option Agreement between Viva Ventures Holding GmbH and Novator Telecom Bulgaria OOD; acquisition by Vienna Insurance Group, Austria of control over big Bulgarian insurance, pension insurance, health insurance and financial institutions (Bulstrad, Bulstrad Life, Bulstrad Health, PAC Doverie, TBI Invest, TBI Asset Management) and further mergers of insurance, life-insurance and health-insurance companies belongingto the Group of Vienna Insurance Group, Austria in Bulgaria; acquisition by Softbul Investments Limited, Къпър of control over Bankya Mineral Waters Bottling Company; acquisition by Immoeast Project Sextus Holding GmbH of control over Koral Holidays; acquisition by MJ Pack of sole control over Meggle MJ (My Day); reorganization of the activity of Pierre-Fabre, France in Bulgaria; acquisition of sole control by TBIF Financial Services BV over NLB Bank (TBI Bank); increase of the shareholding stake of Kardan N.V. (Agri Products) in Foodyard Holding; sale of minority share stake in Kapsch Telematik Bulgaria; reorganization of the activity of ThyssenKrupp SEAME in Bulgaria; acquisition of Innimmo Investmentsof CrediBul shares. Mrs. Hrusanova in her work shows tenacity and precision. Real Estate and Construction: different projects of Immofinanz Group, Casa Group and Redstone Group; Privatisation: privatization sale of BTC to Advent International; assistance with respect to the participation of Ealing Studio in the procedure for the privatization of Boyana Films including participation in the preparation of legal due diligence review of the film company; legal due diligence review of the Bulgarian River Shipping Company and the Navigation Maritime Bulgare under the assignment of the Privatisation and Post-Privatisation Agency



  • The International Comparative Legal Guide to Cartels & Leniency, 2009, Global Legal Group
  • Will the expected amendments to the Film Industry Act boost investor interest?, Lega InterConsult News, Issue 30, 2010
  • On the Scope of Judicial Control over Administrative Acts, Lega InterConsult News, Issue 33-34, 2013