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.
Yesterday, 22 September, Ukraine successfully launched exchange offers in relation to 14 sovereign and sovereign-guaranteed Eurobonds with outstanding principal amounts of c.US$18 billion. This follows less than a month after Ukraine and its ad hoc creditors’ committee (“AHC”) agreed Indicative Heads of Terms, following months of intense negotiations.
Напередодні Голова НБУ Валерія Гонтарева заявила, що Нацбанк буде звертатися в суди всіх необхідних юрисдикцій, щоб реалізувати персональні гарантії власників неплатоспроможних банків, які отримали стабілізаційні кредити.
У цьому світлі також цікаво, які шанси Фонду гарантування вкладів отримати компенсацію від бенефіціарів банків та їх компаній.
Шанси насправді високі. За умови, якщо буде доведена вина такої особи у заподіянні збитку банку або його кредиторам.
Накануне Глава НБУ Валерия Гонтарева заявила, что Нацбанк будет обращаться в суды всех необходимых юрисдикцией, чтобы реализовать персональные гарантии владельцев неплатежеспособных банков, которые получили стабилизационные кредиты.
В этом свете также интересно, каковы шансы Фонда гарантирования вкладов получить компенсацию от бенефициаров банков и их компаний.
The head of the NBU Valery Gontareva said that the National Bank would apply to the courts of all necessary jurisdictions to implement personal guarantees of owners of insolvent banks that received stabilization loans.
In this regard it is also interesting what are the chances of the Deposit Guarantee Fund to receive compensation from the beneficiaries of banks and their companies.
Chances are really high. Provided that such a person is proven guilty of causing damage to the bank or its creditors.
As settlement in relation to Ukraine’s successful sovereign exchange offers is expected today, we explain why this sovereign deal is groundbreaking.
Background: The Exchange Offers
On 22 September 2015, Ukraine launched Exchange Offers in relation to the following (Old Notes):
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”).