The President of Ukraine signed the Code of Bankruptcy Procedures, co-authored by a people’s deputy from the Samopomich Union faction Ruslan Sydorovych.
According to the lawmaker, the document allows individuals to get out of debt slavery. In particular, the Code solves the problem of foreign currency mortgage borrowers, increases the level of protection of lenders’ rights, improves the procedures for selling debtor’s property at auctions, regulates the procedure of restoring the solvency of individuals who found themselves in difficult financial situations and need help from the state.
As for legal entities, the essence of starting the process of restoring solvency for legal entities and the procedure for selling property has been changed. This will not only let Ukraine rise in the Doing Business rating, but will also revive the proceedings concerning bankruptcy cases and make them more efficient.
Ruslan Sydorovych concludes: “After Ukraine’s experiencing several financial crises, the state’s obligation is to let people have the opportunity to start over again, to let conscientious debtors who have not been engaged in financial fraud get rid of their debts and start a new life.”