The Committee on Entrepreneurship, Regulatory and Antimonopoly Policy considered the draft law “On amendments to several legislative acts of Ukraine regarding preventing debtors’ rights violations and introduction of natural person’s bankruptcy procedure”

Information Department of the Verkhovna Rada of Ukraine Secretariat
14 February 2013, 14:23

The bill (Reg. No. 1145) aims at broadening possibilities of debt settlement for natural persons and presupposes:

 

possibility of introducing a debt repayment plan, allowing for debt restructuring according to the plan approved by the economic court;

 

reducing risks and costs of a debtee due to complexity of debt collection;

 

reducing costs for administering bankruptcy procedure of the citizen etc.

 

Peoples’ deputies believe that implementation of bill’s provisions would allow introduce institute of bankruptcy of a natural person not engaged in business activities; reduce the amount of problem loans in the banking system and help borrowers that are in financial straits and cannot service their debts.