In the years since its independence, Ukraine's public and private sectors have faced one crisis after another. Notwithstanding different factors causing distress and incomparable peculiarities of each, restructuring has always remained one of the key mechanisms to make it through these difficult periods and get back on track. This includes the current crisis due to Russia’s invasion of Ukraine. Even in the present unprecedent environment, inaction is not a solution.

In response to the economic crisis caused by the COVID-19 pandemic, lawmakers very quickly started working on improving the legal framework to enhance existing and develop new restructuring instruments. Contrary to expectations, not that many restructurings actually took place in 2020, likely because of support made available to businesses.

Draft Law No. 3555 “On Financial Restructuring” (the “Restructuring Law”) aimed at creating effective mechanisms for voluntary financial restructuring of Ukrainian companies’ debts (the “Voluntary Restructuring”). The Restructuring Law is adopted as a temporary measure and will be in effect for three years. The Government expects that the Restructuring Law will result in reducing the amount of bad loans and restoring bank lending.

The main novelties of the Restructuring Law are as follows:

On 16 April 2014, the Official Gazette published Norm 5 of 2014 of the Romanian Financial Supervisory Authority (the“FSA”) as a supplement to several regulations relating to the calculation of the re/insurer’s solvency margin, the minimum solvency margin and the safety fund (“Norm 5/2014”).

On 14 April 2014, the Official Gazette published Order 562 of 1 April 2014 for the amendment of and supplement to Order 235 of 2001 regarding the insurance of tourists against the insolvability or bankruptcy of travel agencies (“Order 562/2014”).