Commercial Legal And Institutional Reform (CLIR) - Economic Growth

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THE MARKET FOR FDI .............................................................................................................................. 72 G. INTERNATIONAL TRADE OVERVIEW ................................................................................................................................................ 73 LEGAL FRAMEWORK ................................................................................................................................. 73 IMPLEMENTING INSTITUTIONS................................................................................................................... 74 SUPPORTING INSTITUTIONS AND THE MARKET FOR TRADE LIBERALIZATION............................................ 74 H. REAL PROPERTY OVERVIEW ................................................................................................................................................ 75 LEGAL FRAMEWORK ................................................................................................................................. 75 IMPLEMENTING INSTITUTIONS................................................................................................................... 76 SUPPORTING INSTITUTIONS ....................................................................................................................... 77 THE MARKET FOR REFORM..........................................................................................................................78 SUMMARY OF RECOMMENDATIONS BY INTERMEDIATE RESULT (IR) 80 APPENDIX A - ASSESSMENT TEAM MEMBERS APPENDIX B - LIST OF MEETINGS APPENDIX C - BIBLIOGRAPHY Booz Allen Hamilton Page iv
COMMERCIAL LEGAL AND INSTITUTIONAL REFORM Diagnostic Assessment Report for the Republic of Bulgaria March 2002 I. EXECUTIVE SUMMARY Booz Allen Hamilton conducted a diagnostic assessment of the commercial legal and institutional environment of Bulgaria in December 2001. The purpose of the assessment was to provide an overview of the reform needs in the commercial sector to assist the USAID/Sofia Mission in strategic planning for future programs and activities. Assessment methodology uses a four-dimensional analysis of eight areas of commercial law and a separate review of the court system. The eight areas of law are bankruptcy, collateral, company, competition, contract, foreign direct investment (FDI), real property, and trade. The four dimensions for each area are legal framework (laws and regulations), implementing institutions, supporting institutions, and the market for reform. In discussions with the Mission, it became apparent that the purpose of the assessment would best be served by departing from the standard analytical methodology to present the findings as Strategic Objectives and Intermediate Results. Consequently, this Executive Summary sets forth conclusions based on the USAID/Sofia Results Framework. We have also provided a summary of recommendations based on the Results Framework (See page 81). The bulk of the report, however, follows the standard methodology, setting forth our analysis by area of law according to the four dimensions studied. Overview Bulgaria, like many transition countries, is at different points upon the pathway to becoming a market-oriented, democratic society. Most commercial laws are generally adequate, having been adopted in the last ten years with outside assistance or internal awareness of the need to conform to European standards for future accession to the European Community. Indeed, this membership goal drives much of today’s reform in trade and other areas. Although the laws may be adequate for most current needs (with serious exceptions in bankruptcy), implementation is not adequate. The gulf between adoption and implementation is widest where the courts are involved. Moreover, the courts’ ability to function is beset by low respect. This lack of respect is in part a legacy of the courts in the popular mind as an instrument of the former regimes for compelling compliance with state mandates and not deciding issues on the basis of commercial justice and equity. The courts must earn this respect over the long term, but assistance in the near term to restructure court functions in accordance with their new role will go a long way in establishing that future confidence. Other implementing institutions reflect a broad range of development. Recent assistance in the establishment of a modern pledge law and registry has been quite successful, resulting in a functioning pledge registry that receives high marks for user satisfaction and usefulness, reflected most forcefully in the private sector’s ever-increasing use of the registry. The Commission for the Protection of Competition, likewise, is generally well Booz Allen Hamilton Page 1
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