In brief
As of 19 October 2020, the changes to the Bankruptcy Code of Ukraine became effective.
What’s new
From 17 October 2020, and for the quarantine period, the following changes are introduced in the bankruptcy procedure:
In brief
As of 19 October 2020, the changes to the Bankruptcy Code of Ukraine became effective.
What’s new
From 17 October 2020, and for the quarantine period, the following changes are introduced in the bankruptcy procedure:
The Code
On 21 October 2019 the Bankruptcy Code of Ukraine shall come into legal force ("Code"). The rules on operation of the electronic trade system within bankruptcy proceedings shall become effective earlier, on 21 July 2019.
The Code amends the bankruptcy procedure of legal entities and introduces the bankruptcy procedure for individuals (which was not previously applicable in Ukraine).
New Provisions
The most significant changes are the following:
On 19 January 2013, a new edition of the Law of Ukraine "On rehabilitation of debtor or its bankruptcy" (the “Bankruptcy Law”) came into force. The Bankruptcy Law provides for the possibility of a pre-bankruptcy rehabilitation of a debtor which may be introduced by the court on the debtor’s or the creditor’s request. During the pre-bankruptcy rehabilitation of the debtor bankruptcy proceedings cannot be commenced in court, and the court may establish a moratorium on the satisfaction of the creditors’ claims.
On 19 January 2013, a new edition of the Law of Ukraine "On rehabilitation of debtor or its bankruptcy" (the “Bankruptcy Law”) came into force. The Bankruptcy Law provides for the possibility of a pre-bankruptcy rehabilitation of a debtor which may be introduced by the court on the debtor’s or the creditor’s request. During the pre-bankruptcy rehabilitation of the debtor bankruptcy proceedings cannot be commenced in court, and the court may establish a moratorium on the satisfaction of the creditors’ claims.
In brief
As of 19 October 2020, the changes to the Bankruptcy Code of Ukraine became effective.
What’s new
From 17 October 2020, and for the quarantine period, the following changes are introduced in the bankruptcy procedure:
The Code
On 21 October 2019 the Bankruptcy Code of Ukraine shall come into legal force ("Code"). The rules on operation of the electronic trade system within bankruptcy proceedings shall become effective earlier, on 21 July 2019.
The Code amends the bankruptcy procedure of legal entities and introduces the bankruptcy procedure for individuals (which was not previously applicable in Ukraine).
New Provisions
The most significant changes are the following: