On 17 October 2020, Ukraine enacted changes to the Code on Bankruptcy Procedures in order to protect businesses from the negative financial impact of COVID-19.

These changes provide businesses with additional time to recover from financial difficulties and protection from immediate legal action by creditors.

Upon passage of the amendments, creditors are prohibited from opening court proceedings for claims (matured after 12 March 2020) on the bankruptcy of legal entities and individual entrepreneurs.

In brief

These key action points take into account the UK Pensions Regulator's recent statement on COVID-19. Trustees and employers should continue to monitor further updates from the Regulator.

Defined benefit (DB) arrangements