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.
Amendments to Article 9.1 of the Insolvency Law1 ("Law 149-FZ") came into effect on 24 April 2020. The amendments provide that the benefit of the insolvency filing moratorium can be waived (the "moratorium waiver"). In addition, on 21 April 2020, the Supreme Court of the Russian Federation ("Russian SC") adopted clarifications (the "Clarifications"),2 which, in particular, explain that the moratorium will apply if the debtor meets the formal criterion of being included in the list of persons covered by the moratorium ("protected debtors").
The Russian Government has introduced a moratorium on the filing of insolvency claims (the "moratorium")1 from 6 April through 6 October 2020. This will have important legal consequences both for the persons covered by it ("protected debtors") and for those with whom they do business. The moratorium imposes restrictions on transactions made by protected debtors.
This review concerns a number of amendments to Federal Law "On insolvency"1 (the "Law") introduced by federal laws No. 222-FZ2 and No. 488-FZ3, and the interpretation of the amendments in the Review of Court Practice on Matters Related to Participation of State Authorities in Insolvency Proceedings and Procedures Applicable in these Proceedings, approved by the Presidium of the Supreme Court of the Russian Federation on 20 December 2016 (the "Review").
This review covers the following most important amendments:
In Russian insolvency procedures, it is quite common for third parties to try to exclude property from a debtor’s insolvent estate (konkursnaya massa) by claiming title to its real property in the absence of the registered title. These third parties may refer to the agreements that had been made prior to the commencement of the insolvency procedure as well as to the actual transfer of property to them.
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.