Transferring company

I am not a lawyer, but I'm and English person who moved everything everything and set up as an ood if that helps

@mrjlynch

Welcome to the forum, and good luck with your relocation to Bulgaria!

I doubt that there are many (or any) Brit lawyers practicing in Bulgaria. But maybe what you need is a Bulgarian lawyer who speaks good English? There are plenty of these!

We had Alkina Bulgaria Limited until 5th December - it is linked to the ownership of a house in Krivinia and a business account (still active).

If somebody tries to entice you to go into dealings with this company make sure you get your money in advance or you risk losing your investment.

Hello everyone,

Please note that I have created a new thread from your posts on the Bulgaria forum for better interaction.

All the best,

Bhavna

@berryd

Public records

24. Transfer of Company Share

Transferor: AMANDA DAWN BERRY, Country: BULGARIA

Amount of shareholding: BGN 2.

Assignee: EDWARD MARTIN CONNOLLY, Country: GREAT BRITAIN

Date on which the reason for transferring a company share arose: 24.11.2022.

Hi GB_2_BG, that was our company! In it it had the ownership of a house in Krivinia which we "sold" to that person for just 4000 GBP. We bought previously for 6000 GBP 18 months earlier.

Because my wife handled the exchange she didn't wait for the funds to arrive - I would have demanded funds before swapping over the company but, there we are, not a great deal of money but still a life lesson.

His solicitor seems very genuine and amazed that Ed didn't complete the transfer as he said he is going to use the newly acquired company to buy more property in Bulgaria which is why I advise caution.

Thanks for checking the details - much appreciated!.

Kind regards, David Berry.

@berryd what does the share transfer contract say about this 4000? Paste it here. If its not paid then apply to cancel the share transfer.

Hi again - this is what my wife says - not much to go on and I think a lost cause:

I signed paperwork to make the solicitor the power of attorney, so he could then change the business shares into Ed's name. Ed was paying the solicitor directly and Ed was paying us directly when the paperwork was nearer completion.

It was a nice house...

maps.app.goo.gl/RSmr2PP6TM2Lp67TA

@berryd

Unfortunately, it seems you "gifted" him the company (and house) before receiving the funds. He's been a bit of cad not to send you the money anyway, but you can't entirely blame him. But I sympathize with your situation, that money would have bought some nice Christmas presents! :-)

You could perhaps try to cancel the transfer in Bulgaria, as @GB_2_BG suggested, but it sounds difficult. Especially as you gave a POA for the transfer, and it doesn't seem there was any condition (i.e. payment) attached to the POA. But maybe it's worth spending 50-100 euros for a consultation with a Bulgarian attorney to see exactly where you stand.

I'm not an expert on UK law, and I've never done this... but I would consider making a nuisance of myself by making a claim in Smalls Claims Court, as it's cheap (200 quid for 4k). If you've both got UK addresses, and you entered into a verbal agreement to sell your house for 4,000 UKP? It gives you an excuse to write a formal demand letter, and to make a formal court claim. That's 2 chances for him to realize he's been a naughty boy, and send your money. Not saying it's got much chance of working, but the price is right. :-)

https://www.gov.uk/make-court-claim-for-money

https://www.citizensadvice.org.uk/law-and-courts/legal-system/small-claims/making-a-small-claim/

Hi and sorry to be a distraction over the Christmas holidays. We live in Cyprus and Ed lives in the UK (he is a builder apparently and we now have his address)

I have written this off to be honest - my wife was too trusting (it was her house)

I just wanted to raise the fact that this chap is actively looking to use the company to buy more property and wanted to warn others.

Thanks to all for your help.

Merry Christmas and all the best for the New Year.

You can afford to be more philosophical if you're living in Cyprus. The Island of Aphrodite is MUCH more desirable than Krivina! (With no disrespect to Krivina or Bulgaria.)

Yes - the money was going to offset the purchase of our little 20 year old Copen. One of those things.

Oh dear oh dear oh dear.

@berryd if your writing off 4k whats another 50-100 to get yourself a consultation like @gwynj  says?

4k is 4k a lotta lolly to some. Worth a shot my friend

Thanks all, I am going to drop it as it is now beginning to upset my wife but I really do appreciate all of your guidance.

Sad story

At least the $%^&* has been named and shamed. If anyone does an internet search on him or the company,  this thread should come up.

I do feel for your wife. We want to believe we can trust people and that they will do the right thing. How this person took advantage of her trust reflects badly on him, not her.

I hope her goodness is rewarded in the coming year.

Thankyou.

@gwynj thanks can you recommend one

Hi All, I think the name and shame thing actually worked! We just got the funds through today - although he paid 3520 GBP rather than to 4000 GBP so he worked out 4000 Euro and converted it to GBP in the UK.

All in all a lesson learned and thanks to all for you kind support but still be careful handing over title deeds or, more importantly, company shareholder ownership before getting your money in the bank.

@berryd

Congratulations! It's nice when the story has a happy ending. Don't spend it all at once. :-)

Yes!!!!! So glad it worked out, @berryd

@Sheikm   Thanks for making contact what I'm looking to do is open an office there of my company but everybody's asking for thousands to set up a company I just want a Bulgarian branch

@gwynj  can you  possibly recommend one only I'm running out of time

@mrjlynch I am a business lawyer, how can I help you? Please, send me detailed description of your goals.

Hello thank you for replying I want to open a branch of my company in Bulgaria but find myself in desperate need of legal support I need a solicitor to work on behalf of my company as our expansion executive in order to negotiate the best terms for us are current estimate is a 20%reduction in price with a 7 yr got

@Vasile.   Hello thank you for replying I want to open a branch of my company in Bulgaria but find myself in desperate need of legal support I need a solicitor to work on behalf of my company as our expansion executive in order to negotiate the best terms for us are current estimate is a 20%reduction in price with a 7 yr got