Can minority shareholders in Bulgaria force a board meeting and access company records?

Dear Madam or Sir,

Shareholders who hold more than 10% (as in your case, considering you own 15%) have the right to call a General meeting of the shareholders. You are also entitled to have access to all company records. The law gives numerous rights (including to minority shareholders). Please feel free ro contact us for further information and legal support with this matter.

Kind regards,
Bozhikov & Vatev Law Firm' team.

A shareholder has a broad range of rights, including the right to be informed and to access the company’s statutory books, annual financial statements, and other documents provided by law. In practice, however, it is crucial to verify whether the company’s articles of association contain provisions that restrict or complicate the exercise of these rights (e.g., through additional conditions, deadlines, procedures, or qualified majority requirements). You may contact us and provide the company’s UIC/Company Registration Number so we can review the documents and issue specific legal advice.

Thank you for your question regarding minority shareholder rights in Bulgaria. Your situation is serious and requires immediate action to protect your interests. Shareholders holding at least 5% of the capital have the right to request the convening of a General Meeting of shareholders. Important clarification: as a shareholder, you cannot convene a Board of Directors meeting - this is a management body. You have the right to convene a General Meeting, which is the supreme body of the company. Submit a written request to the Board of Directors specifying the agenda. The Board is obliged to convene the General Meeting within 30 days of receiving the request. If the Board does not convene the meeting, you have the right to turn to the district court at the seat of the joint-stock company. As a shareholder, you have the right to access: annual financial statements and reports, contracts and documents related to the agenda items of the General Meeting, the list of shareholders, and minutes from General Meeting sessions. If related-party transactions harm the company, you have a claim against Board members for damages. It is necessary to prove negligence or abuse. Your situation requires urgent action, therefore I recommend: an immediate written request for convening a General Meeting with a specific agenda, a request for access to financial documents and contracts, and preparation for potential legal proceedings. I have expertise in corporate governance. I would be happy to discuss your specific situation, review the company's documents, and develop a strategy to protect your interests. Please contact me directly through this platform for a confidential consultation. Best regards, Snezhina Kovacheva Attorney-at-Law