The Ukrainian government has proposed that parliament increase the protection of creditors when credit agreements are declared invalid.
The relevant draft law (No. 11029) has been registered in parliament:
the document proposes to amend the Economic and Economic Procedural
codes.
“When declaring a credit agreement invalid, which secures the
fulfillment of liabilities of borrowers with his property or the bail
property, the court under a claim of creditors arrests the property. The
arrested property can be released if within 30 days of the moment of
the taking effect of the court ruling on declaring the credit agreement
invalid, the sum determined by the court is returned,” reads the draft
law, which has been posted on the Web site of the Ukrainian parliament.
According to the document, if the liability is not fulfilled in the
said term, creditors have the right to appeal to the courts asking for
the arrest of the property.
“The adoption of the draft will increase Ukraine’s investment
attractiveness, give a boost to crediting, create new jobs, and increase
the production of domestic products,” reads an explanatory note to the
draft.
