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In brief
As of 19 October 2020, the changes to the Bankruptcy Code of Ukraine became effective.
What’s new
From 17 October 2020, and for the quarantine period, the following changes are introduced in the bankruptcy procedure:
In brief
As of 19 October 2020, the changes to the Bankruptcy Code of Ukraine became effective.
What’s new
From 17 October 2020, and for the quarantine period, the following changes are introduced in the bankruptcy procedure:
The Code
On 21 October 2019 the Bankruptcy Code of Ukraine shall come into legal force ("Code"). The rules on operation of the electronic trade system within bankruptcy proceedings shall become effective earlier, on 21 July 2019.
The Code amends the bankruptcy procedure of legal entities and introduces the bankruptcy procedure for individuals (which was not previously applicable in Ukraine).
New Provisions
The most significant changes are the following:
Argentina
The long-running dispute continues between Argentina, which defaulted on its sovereign debt for the second time in July 2014, and holdout bondholders from two previous debt restructurings.
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):
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.