Justice Minister, Georgi Georgiev, announced at a press briefing at the Council of Ministers on April 16 that the government is planning significant tightening of the regulatory framework on arbitration courts in Bulgaria.
“We are preparing a comprehensive tightening of the regime for arbitration courts in the country,” Georgiev stated.“This will include the introduction of a mandatory public register, stricter notification requirements, and enhanced due diligence requirements. The goal is to prevent the proliferation of 'rogue' arbitrations, such as those we are already identified in the country.”
The Minister has ordered a full inspection of all arbitration courts for which the Ministry of Justice has received complaints or signals of irregularities.
Source: BTA
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