Simplification of the bankruptcy procedure

The law-in-raft with amendments and additions to the law "On insolvency (bankruptcy)" involves a set of measures that will shorten the period of bankruptcy proceedings, as well as accelerate the repayment of accounts payable, primarily to former employees of bankrupt enterprises. The law-in-raft is aimed at improving the efficiency of the arbitration managers.

The law-in-raft proposes to change the procedure for the sale of property in the course of bankruptcy proceedings, to establish the size of the value of the property, the sale of which is possible without a market valuation, to change the procedure for payment of the second stage of creditors. In addition, the law-in-raft proposes to give the Arbitration Court the right, after 10 years from the date of initiation of the bankruptcy case, to terminate the proceedings in this case.

The Committee on Economic Policy, Budget and Finance will recommend to the Supreme Council to adopt the draft law in the second reading.