News - Adopted the Law of Ukraine “On Amending Certain Legislative Acts of Ukraine on Restructuring Foreign Currency Credit Liabilities and Adaptation of the Procedures for Insolvency of Individuals” - Verkhovna Rada of Ukraine

Adopted the Law of Ukraine “On Amending Certain Legislative Acts of Ukraine on Restructuring Foreign Currency Credit Liabilities and Adaptation of the Procedures for Insolvency of Individuals”

Information Department of the Verkhovna Rada of Ukraine Secretariat
Published on 13 April 2021, at 18:54

The Law No. 4398 “On Amending Certain Legislative Acts of Ukraine on Restructuring Foreign Currency Credit Liabilities and Adaptation of the Procedures for Insolvency of Individuals” provides for the performance of the procedure of bankruptcy without involving a bankruptcy administrator and for the possibility for the establishment by a court of the minimum amount of repayment of debt on a credit.

The Law No. 4398 provides that the Deposit Guarantee Fund will make a proposal to a debtor 30 days before the auction to purchase the debtor’s assets for an amount not less than the estimated value. The Law “On Amending Certain Legislative Acts of Ukraine on Restructuring Foreign Currency Credit Liabilities and Adaptation of the Procedures for Insolvency of Individuals” excludes from the liquidation estate the debtor’s property which consists of housing that is the only place of residence of the family.

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