At their meeting on January 26, the Committee members considered the draft law No. 3555 submitted by the Cabinet of Ministers of Ukraine. In compliance with the explanatory note, the draft law aims to overcome negative consequences in the financial sector caused by the financial crisis processes in the economy of Ukraine. The draft law also aims to meet the obligations of Ukraine to the international financial organizations. The draft law determines conditions and order of voluntary financial restructuring of a debtor as well as peculiarities of pretrial bankruptcy administration of the debtor.
Chairperson of the Committee Serhii Rybalka said the draft law was elaborated to overcome negative consequences in the financial sector and to fulfill Ukraine's obligations to the international financial organizations with the participation of experts from the World Bank and the European Bank for Reconstruction and Development (EBRD) and taking in account international standards and global experience in holding of financial restructuring.
Rybalka expressed doubts as to the quality of the draft law and its application in case of its practical implementation.
He said that the conclusions of the scientific and expert department of the Parliament contain too many serious remarks.
As a result of the consideration, the Committee members decided to establish a workgroup of representatives of the Ministry of Finance, the Ministry of Justice and the banking market associations within the Committee to adapt this draft law before second reading.