23.08

2022

The Verkhovna Rada supported the simplification of the bankruptcy procedure during martial law Back

The law will simplify access to judicial bankruptcy proceedings for economic entities that have become insolvent due to a full-scale invasion of the Russian Federation and increase the effectiveness of its application in wartime and post-war conditions.

The adoption of the law will allow arbitration administrators to properly exercise their powers in bankruptcy cases in a timely manner, without additional recourse to the Commercial Court. This will reduce the time frame for reviewing cases and the costs associated with their review.

According to the Ministry of Justice, since May and the beginning of the full-scale invasion of Russia, 57 debtors have been declared bankrupt, including 21 individuals and 36 legal entities.