Another systemic sectoral reform is to be launched

Today is a big day in the Verkhovna Rada – another systemic sectoral reform is going to be launched. I have the honor to be engaged in its preparation.

Following the results of many years of discussions, the Code of Bankruptcy Procedures was prepared and introduced (bill number 8060).

Why is this so important for Ukrainian business and ordinary Ukrainian citizens?

  1. What will the business get? It’s no secret that many trades in the bankruptcy procedure were not transparent, as a result of which property was sold at lower prices. The bill proposes to sell the property on the basis of the PROZORRO system, which has already proved its effectiveness and saved billions of budget funds. The second important innovation is a fair payment for the services of the trustee in bankruptcy, since it is impossible to ensure his real independence without financial independence mechanisms.
  2. What will Ukrainian citizens receive? In fact, Book 2 of this bill is an exit from debt slavery for people who are in financial difficulties and cannot get out of them independently. Our country has experienced two serious financial shocks, as a result of which tens of thousands of people were left alone with unmanageable loans. In all civilized countries with a market economy, there is a bankruptcy procedure for individuals, which allows writing off debts if one cannot service them.

In addition, the bill offers a separate procedure for the owners of a mortgage housing, because today the state pretends that the problem does not exist, and people keep generating debts. We offer an effective mechanism that will allow writing off debts while keeping the roof over your head.

Another important detail: the bill was prepared primarily by the expert environment, and therefore, by definition, it is not a project of any individual political force. Of course, there will still be a lot of work between the first and second reading to finalize some disputed points, but I believe that before the end of this session we will present honest and non-corrupt bankruptcy mechanisms for business and an exit from debt slavery for citizens. People who found themselves in financial difficulty have a chance for a new life!

Ruslan Sydorovych
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