Treaty of Neuilly-sur-Seine
In late 1929, the Junkers company was forced to withdraw from the 1926 agreement due to the effects of the Great Depression. Bunavad continued operating amid drastically worsened business conditions until forced to wind-up on an unknown date in 1930. Being a defeated power in World War I, Bulgaria was largely stripped of the right to have its own aviation by the Treaty of Neuilly-sur-Seine. This, added to the paucity of intergovernmental arrangements, largely put paid to any international services that might have been conceived by Bunavad or putative other Bulgarian airlines.