THE STATE OF EMERGENCY – CONSULTATIONS ON BUSINESS RESTRUCTURING AND PROCESS OPTIMIZATION
|Due to the worldwide spread of COVID-19, a state of emergency was declared in the Republic of Bulgaria by a Parliament decision of 13.03.2020. Emergency measures for the purpose of preventing and limiting the spread of the virus were undertaken, including the Law on the Measures and Actions during the State of Emergency, adopted and published on 24.03.2020.
The adopted measures and the crisis, resulting from the pandemic, lead to impossibility or substantial difficulties for some businesses to maintain regular work activity, therefore measures are being undertaken to resolve labor law issues; according to the nature of the business activity, actions should be taken to renegotiate relations with counterparties and restructure provided financing.
The exact applicable process optimization measures, aimed at limiting the current situation’s consequences, depend on the specifics of the respective business.
We do avail of the relevant knowledge and are ready to provide you with a support, by proposing the best options for restructuring and optimization of the processes, related to your work activity, as well as providing consultation and representing you in your relations with financial institutions and counterparties.
Exemplary processes, for which we are prepared to consult you, are listed below; the guidelines will be individual and specific, depending on the concrete case:
1. Preliminary general analysis of a company/group of companies – assets, liabilities, projects in progress;
2. Analysis and consultations on possible forms and options of restructuring, with the aim of preserving an operational part of the business and protection of the capital owner’s interests; assessment of relative tax effects and their optimization;
3. Review of implemented financing schemes and the provided collaterals – consultations on opportunities for credit renegotiation and restructuring, considering the introduced measures, under the conditions of the COVID-19 pandemic; representation before financial institutions, with the aim of securing your interests;
4. Consultations on labor law issues, related to the staff – headcount preservation measures, worker/employees lay-offs, paid/unpaid leaves, part-time work, temporary stay, other applicable measures under the conditions of the introduced state of emergency;
5. Consultations on the opportunities (order/conditions/procedure) for utilizing state-provided funds under the conditions of the state of emergency, as well as financial support from other sources – financing under preferential conditions, other funds;
6. Review and consultation on contract non-fulfillment consequences and options for cancellation of contracts, related to work activities (deliveries, rent and others), which you are unable or are likely to be unable to perform;
7. Review and consultations on non-performed contracts by your counterparties – assessment and consultations on the options for filing claims and collection of receivables;
8. Review of public procurement procedures in progress (if any) and the regulatory framework for the business/activity concerned;
9. Other analyses and consultations, considering the case specifics.
To support you effectively for overcoming the emergency situation consequences and preserving your business, we apply flexible price policy, being ready to apply discounts and extra working hours in the scope of the assigned package of services.