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ARTICLE · 12 JUNE 2019

Ukraine New Bankruptcy Code To Take Effect In October

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At the end of April 2019, the President of Ukraine signed the Code of Ukraine on Bankruptcy Procedures (the "Code").

UkraineInsolvency/Bankruptcy/Re-Structuring

At the end of April 2019, the President of Ukraine signed the Code of Ukraine on Bankruptcy Procedures (the "Code"). The Code sets out a new legislative framework for bankruptcy proceedings in Ukraine (except for Ukrainian banks, which have their own banking resolution regulation) and it becomes effective on October 21, 2019. The most important changes are explained below.

  • Conditions for starting bankruptcy proceedings by the creditor changed

In order for the creditor to start bankruptcy proceedings, it should justify in court that (a) the debtor is unable to satisfy the due claim (of whatever amount; either monetary or property) in full, and (b) there is no dispute over the claim between the debtor and the creditor that should be resolved in court. Former formal requirements in this regards are cancelled.

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