COUNCIL SIMPLIFIED WARTIME BANKRUPTCY PROCEDURE

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Access to bankruptcy court procedures has been simplified for insolvent businesses.

Deputies of the Verkhovna Rada adopted the draft law in general, which will simplify the bankruptcy procedure for business entities during martial law. About this in social networks said Yaroslav Zheleznyak, deputy of the “Voice” parliamentary faction.

According to the explanatory note to the document, its purpose is to simplify the access of business entities that became insolvent due to the war of the Russian Federation in Ukraine to judicial bankruptcy procedures and to increase the efficiency of their application in the conditions of war and post-war conditions.

In addition, with the adoption of the draft law, arbitration heads 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.

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