Introduction
Execution and Bankruptcy Law (“EBL”) enables a company in financial difficulty to propose a composition to its creditors to restructure its debts. However, EBL only provides formal proceedings and does not provide out of court workouts. As a result, courts do not have the authority to order a creditor to cooperate with an informal composition. Therefore there is a lack of safeguards in favour of debtors with regards to any informal composition proceedings under the current legislation.
American and British directors of corporations should be mindful of the different standards of conduct, obligations, and potential personal liability when holding directorships in Turkish companies, particularly if such companies’ financial situation is deteriorating.
Прийняття Кодексу України з процедур банкрутства привернуло увагу юридичної спільноти до проблем, пов’язаних із цією сферою юридичної практики. Як не дивно, найбільш обговорюване питання – це процедура банкрутства фізичної особи (та фізичної особи-підприємця) за новим Кодексом, яка є найпомітнішою новелою цього документа.
On 29 December 2012, pursuant to the order of the Commercial Court of the Kyiv Region, the bankruptcy proceedings in respect of Aerosvit were initiated based on the application of the debtor. Pursuant to the said order the court introduced the procedure of administration of debtor's assets, appointed the administrator of assets and imposed moratorium on satisfaction of creditors' claims.
On 19 January 2013, a new edition of the Law of Ukraine "On rehabilitation of debtor or its bankruptcy" (the “Bankruptcy Law”) came into force. The Bankruptcy Law provides for the possibility of a pre-bankruptcy rehabilitation of a debtor which may be introduced by the court on the debtor’s or the creditor’s request. During the pre-bankruptcy rehabilitation of the debtor bankruptcy proceedings cannot be commenced in court, and the court may establish a moratorium on the satisfaction of the creditors’ claims.
On 18 January 2013 the Law of Ukraine on Introducing Changes to the Law on Restoring Debtor Solvency or Declaring Bankruptcy (the “New Bankruptcy Law”) became effective. The new Bankruptcy Law introduces a number of important changes to the bankruptcy procedure in Ukraine.
Insolvency and Restructuring International Vol 10 No 1 March 2016 23 Karyn Heavenrich Alexander is an associate in King & Spalding’s financial restructuring practice. Karyn’s practice focuses on the areas of bankruptcy law and corporate restructuring matters, with a particular focus on international insolvency proceedings. individuals, non-individuals and foreign proceedings. The new bankruptcy petition incorporates many of the ancillary filings into the petition itself.
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On 22 September 2011, the Parliament of Ukraine adopted the Law of Ukraine No. 3795-VI “On Amendments to Several Legislative Acts of Ukraine regarding the Regulation of Legal Relations between Creditors and Receivers of Financial Services” (the “Law”). The Law, among other changes, introduced amendments to the Law of Ukraine “On Restoring Debtor’s Solvency or Recognising it Bankrupt”, No. 2343-XII, dated 14 May 1992, as amended (the “Bankruptcy Law”).