THE SYSTEM OF RESOLUTION/SETTLEMENT OF COMMERCIAL DISPUTES IN THE REPUBLIC OF BULGARIA AS A BUSINESS RISK FACTOR

Abstract

The purpose of this paper is to establish the possible existence of business risk resulting from the legal regulation and other relevant factors to the resolution of commercial disputes in the Republic of Bulgaria. The effectiveness (the lack thereof) of the different commercial disputes resolution/settlement means are analyzed (state courts commercial litigation, arbitration, mediation and others). Historical and some comparative law references are made alongside. A conclusion that the legal regulation and the practical aspects of commercial litigation before the state courts hamper business and represent a serious risk factor. The situation in arbitration although once highly favorable has recently deteriorated. Other ADR have acquired no popularity but at a promotional level. Analysis of other factors also brings negative characteristics thus leading to the general conclusion that the state of the legal regulation and the practice in the resolution/settlement of commercial disputes in Bulgaria represents a serious risk before business.