November 2019 – On 20 November 2019, Andriy Nikiforov, Counsel in the Kyiv office and Chair of the Banking, Finance and Insurance Committee of the Ukrainian Bar Association (UBA), moderated a roundtable organised by the UBA that was dedicated to recent changes in law having the impact on two types of supervised debt restructuring processes available under Ukraine law – financial restructuring and court supervised pre-insolvency financial rehabilitation of a debtor.
Financial restructuring mechanism was developed with the support of the EBRD as an alternative to a court supervised process and is administered under the supervision of a body comprised of appointees from the National Bank, the Ministry of Finance, the Ministry of Economy and Trade and the Ministry of Justice of Ukraine and reputable professional associations. On 19 September 2019, Ukraine’s Parliament extended the term of the Financial Restructuring Act until 19 October 2022 and also further improved the process. For more details on the financial restructuring, please see our legal alert on the topic.
The court supervised pre-insolvency financial rehabilitation procedure was reconsidered within the framework of the Code on Bankruptcy Procedures of Ukraine that came into effect on 21 October 2019. For more details on the Code and its potential impact on the debt restructurings, please see our legal alert.
The event brought together a number of debt restructuring practitioners. Among the notable speakers at the roundtable were Yuliya Kostetska, Head of the Financial Restructuring Secretariat, Serhiy Papernyk, Head of the Financial Restructuring Arbitration Committee and directors of the workout departments of the major Ukrainian commercial banks.
The UBA is an all-Ukrainian public organisation founded in 2002. At present, the UBA has over 6,000 members, including private legal practitioners, in-house legal counsel, notaries, judges, public officials, MPs and renowned legal scholars. There are currently 24 acting UBA committees tasked with the further development of the legal profession in Ukraine, improving legislation, building relationships with public authorities and contributing to public reforms.
For more information please contact Andriy Nikiforov, Counsel, at .