Abstract

The article examines the concept of good faith as a scale of behavior and its manifestation in specific cases emerging upon exercise of the right to withdraw from a limited liability company under Art. 125, para. 2 of the Bulgarian Commerce Act. In particular, the article specifically analyses the hypotheses of execution of the right to withdraw from a LLC in case of non-performance of the obligation for payment of capital contribution, non-performance of the obligation to make an additional cash contribution in favor of the LLC, the case for withdrawing from a LLC, which has been incorporated for a specific term, the serving of the withdrawal notice from the shareholder “to himself” (i.e. the case where the leaving shareholder is also registered as a Managing Director of the company and receives the notice in this capacity), as well as the simultaneous provision and revocation of the notice for withdrawal. The report attempts to determine the cases of bad faith in the aforementioned hypotheses, by indicating what are the legal consequences of the bad faith behavior and whether it can be qualified as an abuse of rights.