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Feb 15, 2019

The First Instance Court upheld the claims of the State for declaring null and void the contracts for the termination of the co-ownership of the “Royal Stables” properties

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By a decision, rendered on 04th February 2019, Sofia City Court announced the nullity of the three contracts, concluded in 2016 between the State and a legal entity, for termination of co-ownership on land properties in Sofia, at Knyaz Alexander Dondukov Blvd. The case gained publicity with the emblematic  title “The Royal Stables”.  To declare invalidity of the transactions, the Court of first instance held that the consideration provided for in each contract,  was inequivalent, representing  a 20-fold lower consideration from the buyer ‘s side than the actual market price of the land, which was practically equal to a lack of consideration.

In the defense of the State’s rights, which ended in its favour at the first instance court, as a legal representative of the State participated Mrs. Miglena Peneva, partner at Georgiev, Todorov and Co. Law Offices.