Bulgarian Supreme Court says Euroins Romania license was unlawfully revoked

Update: Reacting to the ruling, the judicial liquidator of Euroins Romania, CITR, said that the decision of the Supreme Court in Bulgaria confirms the absence of procedural flaws in the arbitration, without analyzing the substance of the contract or its effects.

The procedure in Bulgaria took place in two stages, the liquidator noted. “The first was initiated by the reinsurer in May 2024, through which it requested the arbitral tribunal to establish that the reinsurance contract in question had been concluded in accordance with Bulgarian law. The arbitral tribunal acknowledged this aspect; however, its analysis was strictly formal and limited, without examining the real purpose of the contract, its impact on creditors, or the existence of any potential fraud,” the company highlighted. Moreover, the tribunal rejected the claim that the contract had been concluded in accordance with industry practices and did not address issues related to insolvency law.