The National Assembly of Republic of Srpska adopted a Law that regulates the deadlines for settlement of financial obligations and penalties applicable in case of failure to comply. The law – published in the Official Gazette no. 31/18 – is effective as of 24th April 2018. The Law applies to legal entities on the territory of Bosnia and Herzegovina, with the exception of financial institutions, economic entities under insolvency proceedings or economic entities under garnishment or foreclosure. The main novelties introduced by the Law concerning commercial transactions are as follows:

In the context of streamlining procedures and avoiding lengthy processes, the Insolvency Service and the Bankruptcy and Liquidation Companies’ Division of the Registrar of Companies and Official Receiver of Cyprus announced that the procedure followed for granting authorization to open or maintain a debtor or bankrupt bank account has been abolished.

On 14 July 2016, the Ukrainian Parliament adopted the Law of Ukraine “On Financial Restructuring” No. 1414-VIII (the “Law”) which, based on its transitional provisions, entered into force on 19 October 2016 and will remain valid for 3 years as of the day of its entrance into force. The Law introduces the procedure of voluntary financial restructuring of legal entities (including municipal and state enterprises) having outstanding debt(s) towards at least one financial institution which is not a related party to the entity.