Zelensky signs law on bankruptcy procedures

Zelensky signs law on bankruptcy procedures

President of Ukraine Volodymyr Zelensky has signed the Law “On Amendments to the Bankruptcy Procedure Code of Ukraine” (No.686-IX), which was adopted by the Verkhovna Rada on June 5, 2020, the president’s press service reports.

The document is aimed at eliminating shortcomings of the Bankruptcy Code of Ukraine and preventing the opening of proceedings of bankruptcy of state government bodies, local government bodies, budgetary institutions and organizations.

According to the signed law, bankruptcy proceedings of debtors that are state-owned enterprises and budgetary institutions, as well as restructuring of such debtors before the opening of bankruptcy proceedings are not allowed.

Also, this document will allow commercial courts to conduct bankruptcy proceedings within the procedural time limits established by the Code, which stimulates the investment and credit spheres of the economy.

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