You're reading: Profile committee recommends adoption of amendments to law on bankruptcy

The parliamentary committee on economic policy has recommended that parliament adopt draft amendments to the new wording of the law on the renovation of a debtor's solvency or declaring it bankrupt, regarding the further improvement of state regulation in the renovation of a debtor's solvency or declaring it bankrupt.

According to the information department of the Verkhovna Rada, apart from making changes to the law on bankruptcy, government bill No. 10707 of July 5, 2012, supplements the law on court fees with a norm freeing the Ministry of Justice from having to pay court fees in bankruptcy cases.

The bill proposes changes to Part 1 of Article 3 of the law on the resumption of a debtor’s solvency or declaring it bankrupt, which authorize the Justice Ministry to organize and support the activities of the qualification commission of arbitration managers (property managers, reorganization managers, liquidators).

The bill proposes to foresee that the Justice Ministry is involved in bankruptcy cases and has procedural rights, undertaking the procedural obligations of a participant in such cases.