Essentially
Will the business climate in Ukraine be improved this year?
The Committee on economic policy and the main scientific and expert management of the Verkhovna Rada of Ukraine proposed to adopt a bill, that will improve the business climate in Ukraine and increase its ranking in the Doing Business.
It Is expected to introduce an effective mechanism to protect the rights of creditors in the process of restoring solvency of the debtor, that are the following:
- Providing web access to the individual creditor to the information about insolvent debtor. Arbitration managers will be obliged to implement the disclosure of the debtor in the closed part of specialized pages on the website of the public authority on bankruptcy;
- Expanding the rights of creditors in the insolvency proceedings. It is proposed in the procedure of disposition of property to give creditors the right of prior approval of significant transactions on the debtor's property, the commission of which is agreed by the property manager. Also it is proposed to give the right the creditors' committee to appeal to the Commercial Court to appoint the candidates and terminate the authority of the arbitration manager / administrator of the property.
In order to optimize the process of Enforcement of the bill it is proposed:
1. Introduce the possibility of sending a copy of resolution of legislative body to the recipients by delivery.
2. To establish, that the enforcement proceedings documents may be sent to state agencies, banks, other financial institutions, other agencies, institutions, organizations, officials electronically.
3. Simplify the process of registration of burden of the debtor's property by providing legislative representative with powers of the state registration to the burdens on registration of real rights.
4. Provide, that if the debtor's property is transferred for implementation, and 6-month evaluation period is over, re-evaluation isn’t performed.
5. Introduce a common approach to the implementation of land in the enforcement proceedings.
The real effect of these initiatives is almost entirely dependent on whether the measures to implement them will be properly financed.
It Is expected to introduce an effective mechanism to protect the rights of creditors in the process of restoring solvency of the debtor, that are the following:
- Providing web access to the individual creditor to the information about insolvent debtor. Arbitration managers will be obliged to implement the disclosure of the debtor in the closed part of specialized pages on the website of the public authority on bankruptcy;
- Expanding the rights of creditors in the insolvency proceedings. It is proposed in the procedure of disposition of property to give creditors the right of prior approval of significant transactions on the debtor's property, the commission of which is agreed by the property manager. Also it is proposed to give the right the creditors' committee to appeal to the Commercial Court to appoint the candidates and terminate the authority of the arbitration manager / administrator of the property.
In order to optimize the process of Enforcement of the bill it is proposed:
1. Introduce the possibility of sending a copy of resolution of legislative body to the recipients by delivery.
2. To establish, that the enforcement proceedings documents may be sent to state agencies, banks, other financial institutions, other agencies, institutions, organizations, officials electronically.
3. Simplify the process of registration of burden of the debtor's property by providing legislative representative with powers of the state registration to the burdens on registration of real rights.
4. Provide, that if the debtor's property is transferred for implementation, and 6-month evaluation period is over, re-evaluation isn’t performed.
5. Introduce a common approach to the implementation of land in the enforcement proceedings.
"It is also planned to improve certain provisions in the area of state registration of rights to immovable property and their encumbrances" - said the lawyer Andriy Bolyubash.
The real effect of these initiatives is almost entirely dependent on whether the measures to implement them will be properly financed.