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Parliament approves ten-year limitation period for obligations of natural persons

Photo: BTA

Bulgaria’s MPs approved at a second reading amendments to the Obligations and Contracts Act that enforce a ten-year limitation period for obligations of natural persons. The proposal was submitted by MPs from the United Patriots coalition. They contend that Bulgaria is the only EU country that has not yet introduced absolute limitation period for obligations of citizens. 

The Bulgarian Industrial Association has categorically opposed the introduction of a limitation period. According to BIA, the state interferes in private-law relations between equal subjects, for which the concluded contracts have the force of law, prioritizing the interests of one group of entities at the expense of another.

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