In Ukraine, they changed bankruptcy procedure during the war: what is new

The innovations relate to economic entities that have lost their solvency due to a full -scale invasion of Russia. On July 13, 2023, deputies of the Verkhovna Rada supported in the second reading the bill No. 7442 on amendments to the Bankruptcy Code on the application of bankruptcy procedures during the period of martial law.

The document will simplify and become more accessible and effective bankruptcy procedures for economic entities that have lost their solvency due to a full -scale war with Russia. Arbitration managers will be able to exercise in a timely manner in the bankruptcy case, without additional appeal to the economic court.

"In order to maintain the sustainability of economic relations in Ukraine, the possibility of restoring the solvency of debtors, in particular the maintenance of jobs and the settlement of fulfillment of obligations, as well as to prevent bankruptcies of debtors or the rapid output Six months from the date of termination or cancellation, which will allow such insolvent entities to apply bankruptcy procedures and other measures that will allow them to apply bankruptcy procedures, " - said in the explanatory note to the document.