Securities, Operational and Financial Leasing

As business life and citizens become more active, security and its enforcement become a major technique to protect creditors and to ensure debt recovery.

The forms of security are diversified by the introduction of the legal figure of the special pledge which is introduced without delivery of the pledged assets and without any disturbance of the business operations of undertaking. This situation leads also to development of leasing arrangements and, especially, financial leasing agreements as a modern and flexible financing and refinancing scheme. We are proud to note that the list of our clients features some of the most active first-rate leasing companies such as TBI Leasing, Interlease, HVB Leasing, Allianz Bulgaria Leasing, etc.

Guided by its aspirations to set in-house performance standards, PM&P provides advice on the optimal structuring and carries out the actions to institute a huge number of security arrangements (warranties, mortgages, special and real pledges, debt cessions and others). Our team registered the first special pledges given by Storco to the benefit of the EBRD immediately after the adoption of the relevant legislation in 1996.

PM&P is also a pioneer with the implementation of the rather complicated enforcement proceedings concerning Celhart, as a result of which we have succeeded in achieving recovery to two of the biggest international financial institutions, EBRD and IFC. We have repeatedly achieved rapid and effective settlement of the existing relations in the interests of all parties concerned without forcing the debtor into insolvency through balanced enforcement of security of various types, scope and privilege.




“With 39 fee-earners, including recommended commercial lawyer Vladimir Penkov and Ivan Markov, Penkov, Markov & Partners is one of the largest firms in Bulgaria, with sufficient resources to cover the commercial legal needs of most clients.“
“We have been working with the Penkov, Markov & Partners’ team on a number of financing deals for our ongoing real estate development projects. They proved to be very efficient, focused and knowledgeable of the market, the positions of the different banks on key issues for us and on the good structuring of securities for the loans, so we do not unnecessarily block assets that might be used as collaterals for other loan facilities. In the last year we had a number of rounds of negotiations with major banks, and we have always relied on the competence of PM&P.“