The President of Ukraine, Volodymyr Zelenskyi, signed a law amending the Bankruptcy Code, aimed at harmonizing Ukrainian legislation with European standards. About this reported People’s Deputy Yaroslav Zheleznyak.
“Law No. 10143 was signed – improving the bankruptcy procedure and bringing it closer to European standards. Including the introduction of preventive restructuring. This is a requirement of the Ukraine Facility Plan“, Zheleznyak noted.
The new law introduces a preventive restructuring procedure, which will give companies in financial difficulties the opportunity to avoid bankruptcy. It includes a complex of managerial, financial, legal and technical measures aimed at restoring the solvency of companies.
The duration of the procedure will not exceed 6 months, and it will cost much less than pre-trial rehabilitation or bankruptcy.
The adoption of this law was a requirement of the Ukraine Facility Plan and brings Ukraine’s legislation closer to EU standards through the implementation of Directive 2019/1023 of the European Parliament and the Council of the EU.
We will remind you that on September 19, the Verkhovna Rada adopted this draft law in the second reading and as a whole.
