On 17 October 2020 the coronavirus amendments1 came into effect after being signed by the President of Ukraine. The amendments temporarily change the Code on Bankruptcy Proceedings to protect Ukrainian businesses and mitigate the impact of the COVID-19 pandemic.
With effect from 17 October 2020, throughout the quarantine period and 90 days thereafter, the following changes will apply to the bankruptcy process:
On 17 October 2020 the coronavirus amendments1 came into effect after being signed by the President of Ukraine. The amendments temporarily change the Code on Bankruptcy Proceedings to protect Ukrainian businesses and mitigate the impact of the COVID-19 pandemic.
With effect from 17 October 2020, throughout the quarantine period and 90 days thereafter, the following changes will apply to the bankruptcy process:
On 19 June 2020, the Ukrainian Parliament adopted law (draft law No. 2284) aimed at introducing sweeping new changes to regulation of financial instruments (the Law). The Law has also paved the way for a wide range of new financial instruments such as derivatives, green bonds, loan notes, and other structured finance products.
On 19 June 2020, the Ukrainian Parliament adopted law (draft law No. 2284) aimed at introducing sweeping new changes to regulation of financial instruments (the Law). The Law has also paved the way for a wide range of new financial instruments such as derivatives, green bonds, loan notes, and other structured finance products.
Dans l’affaire de la Loi sur les arrangements avec les créanciers des compagnies relative à Nemaska Lithium, la Cour supérieure du Québec rend une décision intéressante en ce qui concerne la possibilité pour une débitrice de résilier des contrats auxquels elle est partie et sur son obligation, le cas échéant, de payer à son cocontractant les frais qu’il doit encourir pour reprendre possession de biens loués.
In the matter of the Companies’ Creditors Arrangement Act of Nemaska Lithium, the Québec Superior Court rendered an interesting decision regarding the possibility for a debtor to disclaim agreements and its obligation, if any, to pay its counterparty the costs it must incur to repossess leased property.
Background: Nemaska Lithium disclaims a housing modules rental agreement
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At last, a legislative light has appeared at the end of the long dark tunnel of Ukraine's financial sector.
Adopted on 14 June 2016 and published on 19 June 2016, Ukraine's new law "On Financial Restructuring" No. 1414-VII (the "Financial Restructuring Law") is effective for a period of only three years from 19 October 2016 until 19 October 2019.
The new law "On Financial Restructuring" No. 1414-VII dated 14 June 2016 ("Law") has recently been adopted by the Parliament of Ukraine. The Law came into force on 19 October and is effective until 16 October 2019. This appears to be a temporary measure to overcome a huge volume of non-performing loans in the Ukrainian lending space.