Ukraine: Country’s first ever Insolvency Code by Anton Molchanov and Anastasia Ivaschenko

On 18 October 2018 a Ukrainian parliament – Verkhovna Rada – adopted the very first Ukrainian Insolvency Code. The adopted Code underwent more than 1 300 amendments of which approximately 40% were rejected. Having an extremely high support from international lenders, such as IMF and WB, the country obtained a brand-new law for dealing with distressed debt, applicable both to natural and legal persons.

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Canadian Sanctions Target Former Ukrainian Government Officials

The Office of the Superintendent of Financial Institutions (OSFI) has issued a notice dated March 5, 2014, directing banks, trust companies, insurers and other federally regulated financial institutions (FRFIs) to immediately freeze assets of the former Ukranian president, Viktor Yanukovych, and his close associates and to refrain from having any dealings with these individuals.
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Distinctive features of legal regulations regarding cross-border financing for Ukrainian borrowers

- The distinctive features of the Ukrainian legal system do not always promote the development of cross-border financing. - As a general rule, all transactions with Ukrainian borrowers regarding receipt, repayment and servicing of cross-border loans must be made via a Ukrainian servicing bank. - All cross-border loans to Ukrainian borrowers (with a few exceptions, ie loans under state guarantee) are subject to state registration with the National Bank of Ukraine.
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Salans News Banking and Finance Ukraine

In this issue: 1. On transactions using special payment instruments 2. On amendments to certain regulatory acts of the NBU 3. On approval of amendments to the regulations governing the operations of Ukrainian banks 4. On the NBU granting stabilization loans to Ukrainian banks 5. Salans advises Noble Resources Ukraine LLC on a $24 million loan from EBRD
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Salans News Taxation Ukraine

1. Tax Incentives for the Hotel Industry On 8 July 2010, the Ukrainian Parliament passed the law “On Amending Certain Legislative Acts of Ukraine with regard to the Development and Preparation of Hotel Infrastructure for the Final Part of the European Football Championship 2012 in Ukraine”. According to the law, from 1 January 2011 to 31 December 2020, enterprises’ profits from providing hotel services (sales of hotel rooms and additional hotel services) in hotels of 3-, 4- and 5-star categories are exempt from CPT if such hotels have been put into operation by 1 September 2012.
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