A working group on improving the legislation in the bankruptcy sector, which includes central government authorities’ representatives and experts in the bankruptcy field, is currently developing a new draft Law of Ukraine “On amendments to certain legislative acts of Ukraine in the bankruptcy sector”.
The main objective is to improve Ukraine’s position in regulation of insolvency sector in the “Doing Business” rating for 2015-2018 and finding solutions to issues that occur in bankruptcy procedures.
We are talking about securing clear terms of reference of the state authority for bankruptcy, enhancing the procedure of monitoring of activity of arbitration managers, resolving issues regarding tax assessment of bankrupts, enhancing the procedure and transparency of enforced sale of property, setting requirements and limits of liability to organizers of auctions for selling such property.
The new Law additionally has to ensure elimination of other issues that occur during bankruptcy procedures, which will allow repaying creditors’ requirements in a shorter period of time and will result in an increased efficiency of bankruptcy procedures, as well as an increased percentage in repaying creditors’ requirements.
In order to receive comments and propositions after revision, this draft law is going to be posted on the official website of the Ministry of Justice of Ukraine taking into account requirements of the Law of Ukraine “On Principles of State Regulation Policy in Economic Activity Sector”.
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