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Lyuben Petrov: Arbitration court can reduce inter - company indebtedness

Arbitrage proceedings and arbitrage clauses in business-to-business arrangements can be used as a mechanism for effectively reducing inter-company indebtedness.

 

Deputy Economy Minister Lyuben Petrov said during a seminar on "Current issues of the arbitration proceedings", organized by the National Center for Legal Training and Arbitration Court Sofia.

He pointed out that in Bulgaria, in the last years and especially in the period of the global financial and economic crisis, there was a process of continuous growth of inter-company indebtedness, which in turn limited economic growth.

For this reason, the mechanisms of the arbitration proceeding contribute to the intensity of the economy in our country and increase the collection of the receivables of the various service providers, the Ministry of Energy reports.

Deputy Minister Petrov insist that one of the most important advantages of the arbitration proceedings is his promptitude and efficiency, which, from the point of view of the business, gives him certain competitive advantages over established judicial models.

 

"Another significant positive feature of arbitration proceedings for business is that it can be used in disputes of minority interest for which companies generally have no time, resources and motivation to take advantage of standard court proceedings," he added. 

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