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Legislative changes in the field of bankruptcy. Introduction of substantial changes and new mechanisms under the bankruptcy procedure
DLA Piper, Kyiv, Ukraine, Thursday, August 23, 2012
As from 22 September 2012, the Law of Ukraine "On Renewing Solvency or Declaring Debtor Bankrupt" (the "Law") shall not apply to banks. Bank insolvency and/or liquidation will be dealt with according to the procedure established by the Laws of Ukraine "On Banks and Banking Activities" and "On the System of Guarantee of Deposits of Natural Persons".
In accordance with the Law of Ukraine No. 4212-VI "On Introduction of Changes to the Law of Ukraine "On Renewing Solvency or Declaring Debtor Bankrupt" dated 22 December 2011, the restated version of the Law providing for introduction of numerous amendments to the existing bankruptcy procedure shall become effective as of 19 January 2013.
Major amendments
- Delineation of powers of the meeting of creditors and creditors' committee on all stages of bankruptcy proceedings.
- Detailed functions of insolvency receiver, cancellation of the licensing requirement to such activity. An insolvency receiver must acquire a relevant certificate according to the procedure established by the Law and its name must be entered into the Unified Register of Insolvency Receivers (Property Administrators, Receivers, Liquidators) of Ukraine. The property administrator shall be determined by court via the automated system.
- Detailed procedure of debtor's rehabilitation as a system of measures aimed at renewal of debtor's solvency, which may be implemented by the debtor's founder, owner of the debtor's property, debtor's creditor and other persons for the purpose of preventing the debtor's bankruptcy.
- Introduction of an official announcement of the commencement of bankruptcy proceedings on the official website of the Supreme Commercial Court of Ukraine.
- Acceleration of court procedures applied to the debtor, establishment of time limits to the procedure for disposal of the debtor's property.
- Introduction of the requirement to approve the rehabilitation/composition plan by all of the debtor's secured creditors.
- Detailed procedure of holding an auction for the sale of the debtor's property, including the possibility of holding such an auction via electronic means.
