On 17 October 2020 the coronavirus amendments1 came into effect after being signed by the President of Ukraine. The amendments temporarily change the Code on Bankruptcy Proceedings to protect Ukrainian businesses and mitigate the impact of the COVID-19 pandemic.
With effect from 17 October 2020, throughout the quarantine period and 90 days thereafter, the following changes will apply to the bankruptcy process:
On October 17, 2020, the Law of Ukraine No. 686-IX “On Amendments to the Bankruptcy Procedure Code of Ukraine” (hereinafter - the Law) entered into force. The main innovations of the Law are, in particular:
On 17 October 2020, Ukraine enacted changes to the Code on Bankruptcy Procedures in order to protect businesses from the negative financial impact of COVID-19.
These changes provide businesses with additional time to recover from financial difficulties and protection from immediate legal action by creditors.
Upon passage of the amendments, creditors are prohibited from opening court proceedings for claims (matured after 12 March 2020) on the bankruptcy of legal entities and individual entrepreneurs.
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:
On May 21, the President signed the Law No 466-IX "On amendments to the Tax Code of Ukraine regarding the improvement of tax administration, removal of technical and logical inconsistencies in the tax legislation" (the "Law"). The Law provides in particular for rules aimed at implementation of the BEPS plan and the MLI Convention in Ukraine. Together with signing the Law the President proposed to introduce a number of amendments to improve the provisions of the Law. However, almost none of them has been implemented so far.
21 мая 2020 года Президент Зеленский подписал Закон № 466-IX «О внесении изменений в Налоговый Кодекс Украины касательно усовершенствования администрирования налогов, устранения технических и логических несогласованностей в налоговом законодательстве» (далее - «Закон»), который, частности, содержит нормы, направленные на имплементацию Плана BEPS и Конвенции MLI в Украине. При подписании Закона Президент предложил внести ряд изменений для «улучшения» положений Закона.
Restructurings, especially those involving multiple jurisdictions, are invariably complex matters. This CMS Expert Guide provides an overview of the various restructuring possibilities available in a large number of countries, allowing you to compare how the options are deployed in these jurisdictions.
We intend to update it periodically to reflect important changes as they happen.
If you need more information or have any questions, please do not hesitate to contact us.
This guide provides a comparative analysis of certain key areas of law and procedure for those involved in or affected by financial distress of a corporation and the trading of distressed debt across Europe.
We are pleased to present this Summer 2011 edition of the CMS Restructuring and Insolvency in Europe Newsletter.
While the CIS nations have recently provided a multitude of sizeable restructuring cases, the region’s dominant force, Russia, has stood up reasonably well to lengthy economic decline, economic sanctions and the collapse of oil and gas prices. There are now signs however, that its complex troubles are pushing certain companies towards a restructuring or insolvency position.