Ukrainian Bankruptcy Law

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New Ukrainian Bankruptcy Code. The finance and debt restructuring perspective

Founders participants of a debtor - a legal entity, a property owner, central bodies of executive power, bodies of local self-government within the limits of their authorities shall take timely measures in order to prevent bankruptcy of enterprise-debtor and provide to it financial aid. Bankruptcy cases are within the jurisdiction of commercial courts and shall be considered by them at debtor's location.

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Either a creditor or an enterprise itself may initiate bankruptcy case. In order to perform bankruptcy procedure or restore a debtor's solvency the court appoints the head of this organization - an arbitral supervisor who performs the respective duties of property manager, sanation managers or liquidator.

Ukraine’s New Bankruptcy Code

One of arbitral supervisor's main tasks are to manage enterprise-debtor and to determine the circle of creditors of the enterprise. One of the efficient measures of restoring a debtor's solvency is sanation. Sanation is a system of measures directed at full recovery of a debtor's financial economic condition, as well as full or partial satisfaction of creditor's requirements by crediting, restructuring of enterprise, debts, capital and or change of a debtor's organizational legal and manufacturing structure.

Term of sanation shall be 12 months. Pre-trial sanation of state enterprises shall be performed at the expense of funds of state enterprises and other sources of financing including the State Budget of Ukraine. The Law prohibits initiating bankruptcy procedure in relation to a special government enterprise. The Creditors' committee shall be elected by the meeting of creditors. The Committee shall:. The liquidation procedure shall be opened in case, if the commercial court adopts decision on recognizing a debtor bankrupt.

OPINION: Ukraine should review approach to bankruptcy legislation

The Law was rather poor and had only 22 articles which did not provide the necessary detailed regulatory requirements. The declared goal of the law was to regulate the judicial procedure of the bankruptcy liquidation of legal entities in order to satisfy creditors' claims. The main drawback of the law was that it did not provide specific mechanisms for stoppage of the fulfillment of monetary obligations and tax obligations mandatory payments by a debtor, as well as the stoppage of legal measures to enforce these obligations.

Since, at that time, the institute of professional insolvency practitioners asset managers did not exist, their functions were performed by creditors who usually do not have the knowledge needed to carry out liquidation procedures. Technical and legal flaws of this Law were exclusively resolved by legal practice and relevant interpretations of the Supreme Economic Court of Ukraine. The said Law also contained provisions on reorganization, but the mentioned flaws prevented their use.

And the unfavorable investment climate in Ukraine combined with the procedures of restoring solvency inhibited foreign investors from participating in the process. Ukraine began the process of bringing national legislation up to EU standards, especially in certain priority areas Article 51 of the PCA , including bankruptcy of companies. But, the main factor in reforming Ukrainian legislation to bring it to international standards, was, and still is, the influence requirements of major donors, in particular, the IMF and the World Bank.

Key Issues. Unlike previous versions of the law, the mechanism of the proceedings in bankruptcy cases was built on the principles of competition of creditors as the orderly collective satisfaction of creditors' claims. This version remained very far from perfect but eliminated many of the shortcomings of its predecessor. Specifically, a moratorium on the satisfaction of creditors' claims, a bankruptcy law sub-institute, was founded.

ARTICLE: Introduction of the institute of bankruptcy of individuals

Creditors were divided into two groups, long-term and current ones. The particular emphasis of the Law was solvency restoration procedures. Accordingly, the debtor was granted more rights and preferences. The adoption, in , of the Commercial Code, which provided clarification of substantive norms in insolvency procedures, became an important development in the reform of bankruptcy law.


But as the law was developed by foreign advisers, it was not duly mesh with the existing legislative system, containing legal constructions which had been unknown in Ukrainian legislation and did not take into account the legal practice. Accordingly, many gaps and inconsistencies of the Law were settled by case-law, and with information letters and interpretations of higher courts. This state of the regulation, coupled with the significant growth of corruption in the judiciary of Ukraine led to that the proceedings in the bankruptcy cases in fact became a procedure for legitimizing crimes in the economic sphere and a tool for dispossession of participants in economic relations.

So, according to Doing Business, bankruptcy procedure in Ukraine lasts an average of 2. It is among the worst in the region. Based on these data the IMF required the insolvency procedures to be reformed as one of the basic requirements for continued cooperation with the Government p. Moreover, the updated regulation should have been based on the proposals of the experts and consultants of the WB and the IMF. In particular, the need to reform the bankruptcy system in the context of improving other areas of legislation was emphasized, including adapting the juridical system to the needs of effective bankruptcy proceedings through the implementation of appropriate corporate governance and institutional support for the effectiveness of the bankruptcy system and appropriate state and non-state regulation.

In accordance with the latest version of the Principles for Effective Insolvency and Creditor Rights Systems , the developers suggested the use of advanced mechanisms as a means to maximum protection of the interests of the participants of bankruptcy proceedings, a new system of monitoring, diagnosing and protecting businesses from financial problems and crises and finding optimal ways to overcome insolvency.


In particular, an attempt was made to improve bankruptcy proceedings; new ways of protecting the rights and legitimate interests of both debtors and creditors, as well as employees and the state were introduced; for the purpose of economy and efficiency a procedure for pre-trial rehabilitation of debtors was introduced, and the jurisdiction of all matters in dispute with the debtor was given to the commercial court which considered the bankruptcy case of the debtor.

As the Government of Ukraine is in constant need of external borrowing, a new phase of reform was started.

This Law was the third attempt by the Ukrainian parliament to build a legal basis of restructuring and insolvency on the European model. In recent times, the firm has completed cross-border work in sectors including agriculture, technology and transport, and has advised the likes of Centrica and the European Bank for Reconstruction and Development EBRD.

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One of the most important advantages is that this law firm has specialized lawyers for all fields that you might need them for. Banking, finance and capital markets are key areas strength and the firm regularly represents issuers, lenders and borrowers on transactions. During the research period the firm assisted international development banks on loans to Ukrainian businesses in the agriculture and oil and gas sectors.

It works for both acquirers and sellers on acquisitions, mergers and joint ventures. In projects the firm largely works on matters within the electricity, renewable energy and transport, often representing international developers. In the restructuring and insolvency space the firm worked for a mix of companies and creditors on company and debt restructuring mandates across the banking, food and technology sectors.


It subsequently opened representative offices in Brussels in November and London in March Extremely responsive and business oriented. Also works well with UK lawyers. They work efficiently and provide the comprehensive services. Fluent English speakers. In the banking area the firm often works on loans from international development banks, on public sector finance and on credit portfolio restructuring mandates, representing a mix of lenders and borrowers.

It worked for both issuers and managers on most major corporate and sovereign eurobond issues from Ukraine during The firm notably assisted the Ministry of Finance of Ukraine on a dual tranche eurobond issue, as well as on a large private placement, during the research period. It has also expanded its portfolio to take up mandates for clients in younger sectors locally such as asset management, alternative energy and e-commerce.

In the projects area the firm has a stronghold in representing international development banks on the building of solar power plants in Ukraine. While the firm has had a historic focus on financing matters, it has increased its project-related work in recent years, and regularly combines its finance work with engineering, procurement and construction advice. The firm has a strong presence in the restructuring and insolvency space. The team always manifests itself as professional and responsible outfit.

The team constantly care about its clients and inform about all changes in the legislation that are in the sphere of client's interests. The firm often works for gaming, technology and telecommunication clients on fundraising, blockchain matters and initial coin offerings ICO. The firm is also involved on the set up of crypto funds and financial restructuring matters. The team has further strengths in acquisition financing, aircraft leasing and financial regulatory work.

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The firm has significant experience in the capital market space working for issuers and banks and, in the research period, advised on bond issues by two large Ukrainian companies. In the projects area the firm regularly works on oil and gas, mining and wind energy mandates. The firm has worked on a number of debt and loan restructurings during the research period, often representing domestic banks or international financial institutions.

CMS Ukraine has strength across the financial and corporate board, especially within the project development area. Dentons is one of the strongest firms in the country for energy and infrastructure sector transactional work. In the restructuring and insolvency space the firm works on a mix of corporate restructurings, debt restructurings and distressed debt acquisitions. The firm has a focus on assisting small foreign businesses which invest into Ukraine. The firm has a strong offering in the aviation sector, and takes on deals ranging from debt restructurings to joint ventures for aviation clients.

During the research period, the firm also took on transactional work in sectors such as construction, healthcare and real estate.

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