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UKRAINE IMPROVES RULES TO PROTECT CREDITORS’ RIGHTS AND CONSUMERS OF FINANCIAL SERVICES

October 2011 - Finance. Legal Developments by Avellum.

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On 13 October 2011, the President of Ukraine signed into law a number of amendments to the Civil Code, the Bankruptcy Law, the Law on Securing Creditors’ Claims, the Criminal Code and some other laws (the “Amendments”) aimed at increasing protection of creditors’ rights and consumers of financial services, decreasing the share of delinquent assets in the loan portfolio of banks. Amendments became effective on 16 October 2011. The most important changes are outlined below:

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