01 June 2016, 09:51
The draft law that has been passes in the first reading is considered to introduce and improve the principles of the implementation of financial restructuring.
The draft law, in particular, is to determine:
- participation conditions of the debtor and creditors in the process of financial restructuring as well as participation of the Deposit Guarantee Fund of individuals and state banks in such proceedings;
- basic principles of cooperation between lenders during the financial restructuring procedures;
- debtor's obligation to provide information and to review its business;
- terms and conditions of funding to the debtor during the procedure of financial restructuring;
- institutional role of the Supervisory Board and Secretariat as special bodies established for the organization and procedures of financial restructuring and regulating the process of resolving disputes in arbitration.
On the period of action of it stipulates the introduction of tax privileges, by making appropriate changes amendments to the Tax Code.
Committee members considered amendments to prepared for the second reading draft lw.
"The absence of forcible elements in involving debtors into the restructuring process will allow to avoid future lawsuits of creditors, which could theoretically attach to the opinion of the majority" - said the First Deputy Chairman of committee Dovbenko Mykhailo.
In the course of discussion, there was noted that restructuring can commence provided that the financial institutions among the lenders who provided loans to debtors in the amount of 50% of their total requirements, shall agree to participate in the restructuring.
During the discussion that arose regarding the consideration of amendments of the law, it was decided to continue their consideration at the meeting on June.
The meeting was attended by representatives of the intensive care reform package, National Bank and Ministry of Finance.