This is a summary of the principal new provisions of recently enacted insolvency legislation applicable to businesses other than banks, insurance companies, pension funds and certain other entities. This summary is not comprehensive and does not constitute legal advice. The reader should obtain separate legal advice with respect to the issues addressed herein.

On 10 January 2020, new amendments to the “Law on Rehabilitation Procedure and Bankruptcy” dated 7 March 2014 No. 176-V (the “Old Law”) and related legal acts came into effect by the Law dated 27 December 2019 No. 290-VI (the Old Law, as amended, theAmended Law). The new amendments aim to facilitate and expedite the process for unsuccessful businesses to be liquidated. The main features of the Amended Law are outlined below

Conclusion on financial stability by a temporary manager/administrator