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Portrait of Dimitar Zwiatkow

Dimitar Zwiatkow

Partner
Co-Head of Energy, Projects and Construction

Contact
CMS Sofia
Landmark Centre
14 Tzar Osvoboditel Blvd
1000 Sofia
Bulgaria
Languages Bulgarian, English, German
Banking & Finance

Dimitar Zwiatkow is a partner in the Banking & Finance practice in CMS Sofia. He is a Bulgarian attorney with more than 15 years’ legal experience and is one of the preeminent advisers on banking M&A transactions and large-scale portfolio transactions. Among his clients are local and international banking and financial institutions as well as investment funds. Dimitar focuses on real estate finance, regulatory banking matters, non-performing loans, acquisition finance, project finance, corporate lending, financial services and products, and banking litigation.

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Relevant experience

  • Тhe biggest Bulgarian Bank | On its disposal of 3 mixed (partially real estate secured) NPL portfolios with a face value of EUR 450 million.
  • Leading financial institutions from the leasing, debt collection and e-money sectors | On transaction and regulatory issues, including NPL portfolios, registration procedures with the Bulgarian National Bank, AML policies, etc.
  • Review of the Bulgarian regulatory framework for the operation of crypto-currency platforms, including review of the 5th AML Directive and the Advice for Initial Coin Offerings and Crypto-Assets issued by ESMA.
  • A long-standing leader in retail banking | On the refinancing of shopping malls.
  • A pan-European Commercial Bank and a leading Bulgarian Bank | On the restructuring of a EUR 116m real estate financing (shopping mall), including on the tax and corporate restructuring, debt deleveraging, new development, amendment and restatement of facilities agreement, and new security package.
  • A French Multinational Investment Bank | On several financings under LMA documentation, including in relation to the refinancing of several hydro power plants within an acquisition process
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Memberships & Roles

  • Bulgarian Bar Association
  • Munich Bar Association
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Awards & Rankings

  • Next Generation Partner for Banking and Finance, Legal500 (2022)
  • Highly regarded for Asset Finance, IFLR1000 (2022)
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Education

  • 2005 – Master of Law, Ludwig Maximilian University, Munich, Germany 
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Corporate / M&A

Having an international educational background, Dimitar is highly expert in advising small and mid-sized European companies in the field of corporate transactions and their tax law implications such as VAT, corporate taxation, WHT, DDT, tax structuring. He focuses on cross-border merger and acquisitions, including corporate governance, take-overs, compliance issues and AML policies. He has invaluable experience in dealing with various regulatory bodies, having communicated on several occasions with the Bulgarian Commission for Protection of Competition, the National Revenue Agency and the Bulgarian National Bank. He is further experienced in supporting clients in corporate forensic investigations, and thus has background working with the prosecution authorities. 

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Relevant experience

  • Leading of a number of M&A real estate transactions and sale-downs of destressed assets on seller and buyer side, including the set-up of tender rules, VDR, transaction documents, signing, closing;
  • Highly expert in general corporate matters, including company and commercial law, compliance policies, managers supporting services.
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Memberships & Roles

  • Bulgarian Bar Association
  • Munich Bar Association
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Awards & Rankings

  • Highly regarded for M&A (2021), Real estate acquisitions (2021), Restructuring and insolvency (2022), IFLR1000. 
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Education

  • 2005 – Master of Law, Ludwig Maximilian University, Munich, Germany 
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Energy & Climate Change

In the area of Energy law Dimitar has strong expertise in renewables and projects, PPP and public procurement. Over the years, he has advised on renewables, combined heat and power (CHP), waste to energy and independent power projects. His clients include a wide range of energy suppliers from the fields of wind power, hydropower, biomass and photovoltaics. Dimitar consults on the construction and acquisition of power plants, testing and commissioning as well as environmental questions, network operation issues and strategic considerations in project management. 

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Relevant experience

  • A leading Turkish investor | On their share participation in a Bulgarian company engaged with renewable energy projects.
  • The largest Bulgarian Bank | On the refinancing of five solar parks and on the restructuring of the borrowers.
  • Europe’s leading gas capacity trading platform | On the registration of PRISMA Capacity in the Procurement Agency platform.
  • A leading commercial bank in Bulgaria | On the drafting, negotiating, and signing of a facility agreement with the renewable energy producer.
  • A global leader in the production of high-performance alloy solutions for the energy industry | On its corporate restructuring and internal reorganisations. 
  • The fourth largest Bank in Bulgaria | On the preparation of a market study on the renewable energy market in Bulgaria.
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Memberships & Roles

  • Bulgarian Bar Association
  • Munich Bar Association
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Awards & Rankings

  • Next Generation Partner for Energy and Natural Resources and Projects and PPP, Legal500 (2022).
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Education

  • 2005 – Master of Law, Ludwig Maximilian University, Munich, Germany 
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12/05/2022
10 key as­pects of the re­vised EU com­pet­i­tion law in the field of dis­tri­bu­tion...
The new Ver­tic­al Block Ex­emp­tion Reg­u­la­tion (VBER) and the new ac­com­pa­ny­ing Ver­tic­al Guidelines (VGL) were pub­lished on 10 May 2022. The new VBER will enter in­to force on 1 June 2022 and ap­ply for the next twelve years. The new VBER/VGL in­tro­duce sev
13/06/2018
CMS in­tro­duces Private Place­ments on­line Ques­tion­naire
Private place­ments are in­creas­ingly be­ing used for debt fund­ing as an al­tern­at­ive to bank fin­an­cing Find the right one for you! The mar­ket of­fers a large num­ber of Private Place­ment (PP) products...

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25/11/2022
En­ergy Sav­ings Guide
This CMS Guide is de­signed to shine a light on the wide vari­ety of en­ergy sav­ing laws in se­lec­ted CEE coun­tries by ex­plain­ing the most im­port­ant leg­al meas­ures and help­ing you to dis­cov­er where your op­por­tun­it­ies might lie. Polit­ic­al and leg­al frame­work En­ergy trans­form­a­tion re­quires build­ing up new en­ergy sources and that takes time. Sav­ing en­ergy, how­ever, is the quick­est and cheapest way to ad­dress the cur­rent en­ergy crisis, which is mainly caused by Rus­sia’s in­va­sion of Ukraine. Re­du­cing en­ergy con­sump­tion cuts house­holds’ and com­pan­ies’ high en­ergy bills.Build­ing on the “Fit for 55” pack­age of pro­pos­als and com­plet­ing the ac­tions on en­ergy se­cur­ity of sup­ply and stor­age, the European Com­mis­sion’s RE­PowerEU plan put for­ward a set of five ac­tions, the first of which is en­ergy sav­ing. Uni­on law sets forth man­dat­ory sav­ing goals for Mem­ber States but leaves them plenty of lee­way to choose between a vari­ety of meas­ures. Ap­plic­ant coun­tries and many oth­ers have passed en­ergy sav­ings laws and tar­gets too – of­fer­ing ad­di­tion­al flex­ib­il­ity.As a frame­work, the Fit for 55 pack­age and the European Cli­mate Law (REG 2021/1119) sets out a bind­ing, ir­re­vers­ible re­duc­tion of an­thro­po­gen­ic emis­sions. By 2030, 55% of the net GHG (green­house gas) emis­sions com­pared to 1990 must be saved. By 2050, the man­dat­ory net zero emis­sion goal must be achieved.Reg­u­la­tion 2022/1032 re­quires that mem­ber states fill their gas stor­age fa­cil­it­ies to at least 80-90% or that they store at least 35% of their av­er­age an­nu­al con­sump­tion in European stor­age fa­cil­it­ies. Re­du­cing con­sump­tion over the years re­duces the filling ob­lig­a­tion.Since Au­gust 2022, ob­lig­at­ory re­duc­tions in gas con­sump­tion ap­ply to EU mem­ber states (Reg­u­la­tion 2022/1032). The core in­nov­a­tion of this re­gime is the Uni­on alarm that can be triggered by the European Coun­cil if there is a ma­ter­i­al risk of grave gas sup­ply short­ages, ex­traordin­ary gas de­mand or a na­tion­al alarm pur­su­ant to Dir­ect­ive 2017/1938 in at least five Mem­ber States. Once a Uni­on alarm has been triggered and for as long as it re­mains in force, mem­ber states must re­duce their gas con­sump­tion by 15%. There is a par­tial ex­cep­tion if this would oth­er­wise cause an elec­tri­city crisis in the re­spect­ive mem­ber state. However, the steer­ing meas­ures to be taken and wheth­er cer­tain groups of gas con­sumers are gran­ted more fa­vour­able con­di­tions re­main at the mem­ber state’s dis­cre­tion. Re­gard­ing elec­tri­city, Reg­u­la­tion 2022/1854 on an emer­gency in­ter­ven­tion to ad­dress high en­ergy prices aims to re­duce elec­tri­city con­sump­tion by 10% and ease the pres­sure on elec­tri­city prices through rev­en­ue caps. Again, Mem­ber States are free to choose the ap­pro­pri­ate meas­ures to re­duce gross elec­tri­city con­sump­tion and meet the 10% tar­get.Ad­di­tion­al rules ap­ply to the fuel con­sump­tion of trucks or the en­ergy con­sump­tion of dis­trict heat­ing/cool­ing. The CMS Guide The res­ult of these reg­u­la­tions con­cern­ing en­ergy sav­ing has been the in­tro­duc­tion of a wide vari­ety of en­ergy sav­ing laws in in­di­vidu­al states; and many more meas­ures are still to come. This CMS Guide is de­signed to shine a light on these reg­u­la­tions by ex­plain­ing the most im­port­ant leg­al meas­ures and help­ing you to dis­cov­er where your op­por­tun­it­ies might lie. For each jur­is­dic­tion, the guide is struc­tured in­to: (1) a coun­try over­view,  (2) na­tion­al re­lief meas­ures for high en­ergy prices,  (3) na­tion­al/re­gion­al/com­mun­al en­ergy sav­ings meas­ures, and  (4) en­ergy stor­age status and in­cent­ives.The fol­low­ing meas­ures have been chosen by the states rep­res­en­ted in this  guide:  sub­sidies to end-con­sumers (Aus­tria in gen­er­al for en­ergy prices; Croa­tia for gas con­sump­tion), price caps: elec­tri­city (Croa­tia for house­holds, un­der­tak­ings and cer­tain­pub­lic con­sumers; Ukraine for house­holds),re­duced VAT rate (Croa­tia, North Mace­do­nia), tax in­cent­ives to privately store gas (Ukraine); ex­emp­tion from steer­ing meas­ures for privately stor­ing gas (Aus­tria),sub­sidies to com­pensate for high en­ergy prices (Bul­garia and Slov­akia, in Slov­e­nia for en­ter­prises, in Türki­ye for ag­ri­cul­ture) and en­ergy sav­ing meas­ures: (Croa­tia for SMEs); the real­loc­a­tion of EU funds to sup­port en­ergy con­sumers (Slov­akia); sub­sidies for en­ergy stor­age solu­tions (Aus­tria, Bul­garia and Ukraine) or for heat pro­du­cers (Ukraine),en­ergy ef­fi­ciency meas­ures in­cl. di­git­al­isa­tion (Bul­garia),re­duced hours of elec­tri­city or heat­ing sup­ply (North Mace­do­nia) or of gas sup­ply (Slov­akia),re­duc­tion of en­ergy con­sump­tion by the pub­lic ad­min­is­tra­tion (Aus­tria, North Mace­do­nia, Slov­e­nia), an­dob­lig­a­tions on gas stor­age op­er­at­ors to feed gas in­to the grid (Aus­tria, Slov­akia) or to sup­ply heat pro­du­cers at pref­er­en­tial prices (Ukraine).re­wards for vol­un­tary re­duc­tion of gas and/or elec­tric en­ergy con­sump­tion (Slov­e­nia)educed per­mit­ting re­quire­ments for PV and wind plants (Türki­ye).
10/05/2022
Bul­garia to boost in­dus­tri­al, green and growth in­vest­ments
In May, ECO­FIN green­lighted Bul­garia’s Re­cov­ery and Re­si­li­ence Plan (the “Plan”) in line with Reg­u­la­tion (EU) 2021/241 es­tab­lish­ing the Re­cov­ery and Re­si­li­ence Fa­cil­ity (the “Reg­u­la­tion”)...
16/02/2022
CMS Sofia ad­vised El­ev­at­or Ven­tures on the in­vest­ment in a Bul­gari­an e-com­merce...
CMS Sofia suc­cess­fully ad­vised El­ev­at­or Ven­tures (EV) – a ven­ture cap­it­al firm part of Raif­feis­en Bank In­ter­na­tion­al, on the third round of in­vest­ment for Cloud­Cart.As part of its strategy to in­vest and grow di­git­al busi­nesses in the CEE re­gion, EV pin­pointed Cloud­Cart as the next rising star among European tech com­pan­ies. Cloud­Cart’s plat­form of­fers end-to-end solu­tions for SMEs grow­ing their sales on­line or start­ing e-com­merce busi­nesses from scratch.  Our loc­al team led by Di­m­it­ar Zwi­atkow to­geth­er with Ivan Ger­gov and Elitsa Hinova ad­vised EV on all leg­al as­pects re­lat­ing to the con­clu­sion of the equity doc­u­ments. Set­tling for­eign in­vestor re­la­tion­ships with loc­al busi­nesses at times is par­tic­u­larly chal­len­ging due to the spe­cif­ics of the na­tion­al le­gis­la­tion.  Deals in the private equity and ven­ture cap­it­al seg­ment seem to grow in the CEE re­gion and to be­come in­creas­ingly at­tract­ive for in­vestors across vari­ous in­dus­tries.
04/08/2021
CMS acts for Uni­Cred­it Bul­bank on EUR 36m re­new­able re­fin­an­cing in Bul­garia
In­ter­na­tion­al law firm CMS has rep­res­en­ted Uni­Cred­it Bul­bank on the re­fin­an­cing of the 21 MWp op­er­a­tion­al photo­vol­ta­ic port­fo­lio of Sol­ari­an Hold­ings, con­sist­ing of five op­er­a­tion­al power plants, loc­ated...
03/08/2021
CMS Ad­vises Uni­Cred­it Bul­bank on Re­fin­an­cing Sol­ari­an Hold­ings Port­fo­lio
Pub­lished on ceeleg­al­mat­ters.com­CMS has ad­vised Uni­Cred­it Bul­bank on the re­fin­an­cing of Sol­ari­an Hold­ing­s' 21-mega­watt op­er­a­tion­al photo­vol­ta­ic port­fo­lio in Bul­garia.Ac­cord­ing to CMS, the EUR 36 mil­lion re­fin­an­cing pro­ject relates to a num­ber of spe­cial-pur­pose com­pan­ies, in­clud­ing Con­sult Sol­ar EOOD, Sol­ar R1 EOOD, Sol­ar RAS EOOD, Green En­ergy Park EOOD, and Vento Eco En­ergy EOOD, all op­er­at­ing un­der the con­tracts-for-premi­um scheme, in­tro­duced by Bul­garia in or­der to re­place the feed-in tar­iff un­der the Second Re­new­able En­ergy Act.
21/04/2021
Real es­tate trans­ac­tion costs and taxes in Bul­garia
1. Due di­li­gence costs for the pur­chase of real es­tate 1.1 Mu­ni­cip­al search Cost Vari­able de­pend­ing on the par­tic­u­lar mu­ni­cip­al­ity. VAT Nil 1.2 Util­ity search (each ser­vice) Cost N/A VAT Nil 1.3...
26/03/2021
Part­ner Di­m­it­ar Zwi­atkow on the cur­rent trends in the FinTech in­dustry...
Just a week be­fore the FinTech Sum­mit 2021, our CMS Sofia Part­ner Di­m­it­ar Zwi­atkow gives an in­ter­view for Cap­it­al (www.cap­it­al.bg ), one of the biggest and most im­port­ant loc­al busi­ness me­di­as, on the...
31/03/2021
CMS CEE Ger­man Desk: Waste man­age­ment in Cent­ral and East­ern Europe
As ever more waste is pro­duced, many coun­tries face new chal­lenges:What are the cur­rent de­vel­op­ments in the CEE coun­tries?How does waste man­age­ment dif­fer between EU and non-EU coun­tries?What prob­lem-solv­ing...
25/02/2021
Gov­ern­ment launches tender for waste in­cin­er­at­or in Sofia
Bul­garia launched a tender for ap­prox­im­ately EUR 149.4 mil­lion without VAT for the con­struc­tion of a com­bined heat and power plant (CHP) in Sofia. The dead­line for sub­mit­ting of­fers is 15 April 2021. The waste in­cin­er­at­or pro­ject plans to con­struct a fa­cil­ity for in­cin­er­at­ing an al­tern­at­ive fuel de­rived from pro­cessed waste – RDF (Re­fuse-De­rived Fuel). The RDF will be used by the Sofia Thermal Power Plant (TPP Sofia) as an al­tern­at­ive to nat­ur­al gas. The waste in­cin­er­a­tion plant must be built on the TPP Sofia site and will burn fuel pro­duced from Sofia res­id­ents’ waste.The ca­pa­city of the fu­ture in­stall­a­tion will be 180,000 tons of mod­i­fied waste per year. The fuel will be provided by the Sofia Mu­ni­cip­al­ity free of charge, which in turn should re­duce the costs of Toplofika­cia Sofia (the Sofia dis­trict heat­ing com­pany). The in­cin­er­at­or plant is ex­pec­ted to save around 65 mil­lion cu­bic meters of nat­ur­al gas per year, or EUR 15 to 18 mil­lion.
17/02/2021
Dead­lines and rem­ed­ies in pub­lic pro­cure­ment award­ing in Bul­garia
In this we­bin­ar we will be dis­cuss­ing some of the key is­sues in the world of Bul­gari­an pub­lic pro­cure­ment. Com­pan­ies re­ly­ing on ten­der­ing pro­cesses in their op­er­a­tions will not want to miss the we­bin­ar...
18/12/2020
Re­new­able en­ergy law and reg­u­la­tion in Bul­garia
1. Brief over­view of the re­new­ables sec­tor In 2002, Bul­garia rat­i­fied the Kyoto Pro­tocol to the United Na­tions Frame­work Con­ven­tion on Cli­mate Change, which im­posed cer­tain tar­gets on Bul­garia to re­duce...
08/10/2020
Guide to Re­struc­tur­ing in CEE and Aus­tria
Re­struc­tur­ings, es­pe­cially those in­volving mul­tiple jur­is­dic­tions, are in­vari­ably com­plex mat­ters. In this CMS Guide, our ex­perts an­swer sev­en im­port­ant prac­tic­al ques­tions to help you nav­ig­ate through...