Publication date: 15.05.2024
The Parliament adopted in the first reading the draft law, which introduces preventive restructuring.
On Thursday, May 10, the Verkhovna Rada adopted as a basis the draft law on amendments to the Code of Ukraine on Bankruptcy Procedures and other legislative acts of Ukraine regarding the implementation of Directive 2019/1023 of the European Parliament and the Council of the European Union and the introduction of preventive restructuring procedures (No. 10143). People's deputy Yaroslav Zheleznyak reported this.
Is the state interested in losing money in bankruptcy proceedings?
The draft law was supported by 269 votes of people's representatives.
The explanatory note to the draft law states that its implementation will ensure the harmonization of Ukrainian legislation and EU law in the relevant field of legal regulation and will result in providing access to economically active enterprises experiencing financial difficulties to an effective framework for preventive restructuring, which will ensure the possibility of continuing their economic activities.
The author of the draft law - Deputy Chairman of the Committee Oleksiy Movchan - spoke about the importance of the draft law, which, in addition to restructuring measures, defines the protection of debtors, and also prescribes the start and coordination of the preventive restructuring procedure, its terms, simplification mechanisms for micro-entrepreneurs, small and medium-sized businesses.
"Preventive restructuring is needed in order to detect the risks of insolvency of enterprises in the early stages, when the situation is not yet critical, and as a result prevent (prevent) bankruptcy," Oleksiy Movchan explains.According to him, the business will get access to a high-quality "cheat sheet" on how to independently draw up an effective preventive restructuring plan, which, in turn, will save money, since it will not be necessary to hire a group of lawyers and financiers for this. After all, the European directive obliges the states that implement the document to develop an insolvency prevention web portal. On it, you will be able to find information about available tools for early detection of insolvency, procedural measures and preventive restructuring plans, adapted to the needs and specifics of micro- and small entrepreneurship. The adoption by the Verkhovna Rada of Ukraine in the first reading of draft law No. 10143 on the introduction of preventive restructuring is a significant step in the direction of harmonization national legislation with EU law. This draft law, supported by 269 votes, is aimed at implementing Directive 2019/1023 of the European Parliament and the Council of the EU, which aims to provide economically active enterprises that have encountered financial difficulties with access to effective preventive restructuring mechanisms.
The main advantages of the draft law:
Harmonization with EU law: Ensuring compliance of Ukrainian legislation with EU standards in the field of bankruptcy and restructuring procedures.
Business Support: Providing businesses with tools for early detection of financial problems and opportunities to solve them before the situation becomes critical.Protection of debtors: Determination of measures to protect debtors, including the initiation and coordination of the preventive restructuring procedure, the terms of its implementation, as well as special mechanisms for micro, small and medium-sized businesses.
Economic efficiency: Creation of conditions for independent drawing up of a restructuring plan without the need to involve expensive consultants, which will contribute to cost savings for enterprises. You may be interested in the following articles: lawyer consultation lawyer consultation document analysis legal analysis of the situation written consultation document verification by a lawyer lawyers documents lawyer assistance online lawyer online legal opinion legal opinion of a lawyer lawyer online
Availability of information: Development of a web portal where companies will be able to find information on tools for early detection of insolvency and preventive restructuring plans adapted to the specifics of their activities.
These innovations will help to stabilize the economic situation in the country, reduce cases of bankruptcy and loss of state funds in such procedures. From now on, enterprises will have better chances to resume their activities and save jobs, which will have a positive effect on the country's economy in general. Preventive restructuring will become an important tool for supporting business in Ukraine, ensuring a more predictable and stable economic environment.
