Bankruptcy proceedings for Ukrainian companies simplified during martial law

The Verkhovna Rada, Ukraine’s parliament, adopted the draft law in its entirety that introduces a simplified bankruptcy procedure for business entities during martial law.

Yaroslav Zhelezniak, an MP from the Holos parliamentary faction, said this in a post on his Telegram channel, Ukrinform reports.

According to an explanatory note to the document, the bill is aimed at simplifying the access of business entities, which became insolvent due to the Russian full-scale armed aggression, to bankruptcy court procedures, as well as raising the effectiveness of their application in the conditions of war and post-war conditions.

In addition, with the adoption of the draft law, arbitration managers will be able to exercise their powers in the case of bankruptcy (insolvency) without an additional appeal to the commercial court, which will reduce the terms of consideration of cases and the costs associated with their consideration.

As reported, a bankruptcy proceeding for the third utility company - Miskelektrotransservis - has been initiated in Kharkiv.