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Economists call for the adoption of a Personal Insolvency Law

Photo: BGNES

Leading Bulgarian economists are calling for the adoption of a Personal Insolvency Law. According to experts from the Economic and Public Policy Council, Bulgaria's legislation should protect both the rights of people in financial difficulties and creditors. 

The law aims at helping Bulgaria overcome the perpetual debtor phenomenon, meanwhile allowing the financial sector to recover its receivables. Currently, the loan portfolio of individuals and small companies exceeds EUR 14.6 billion.


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