Global tendencies and the intensively developing restructuring and bankruptcy legal environment across the globe make it impossible to ignore such processes. Ukraine does not.
On 15 April 2019 the President of Ukraine finally signed the first ever Code of Ukraine on bankruptcy procedures (“Bankruptcy Code of Ukraine”), drafted with the assistance of the IMF and the World Bank. It shall replace the current Law of Ukraine “On Restoring Solvency of the Debtor or Declaring It Bankrupt” (“Law of Ukraine”) on its full enactment date, i.e. 21 October 2019. It is expected that the national restructuring and bankruptcy frameworks should become more effective, transparent and predictable than before.