News

Will come out of this debt

An important aspect of rulemaking is the development of mediation and legal and financial tools of debt restructuring process

Since the launch of practical Law of Ukraine # 1414-VIII "financial restructuring" (restructuring Law) and the opening of the office of the Secretariat of the financial restructuring was 23 months. All was revealed 25 cases where restructured debt in a total amount of 1.35 billion dollars. USA, 20 cases for $ 1 billion. The US has already closed successfully.

The Secretariat is pleased to announce that one of the largest state banks PJSC "State export-import Bank of Ukraine" has opened its first financial restructuring, besides this case has become one of the largest debt that is subject to restructuring. This is extremely good news, like the Ukrainian banking market and to promote the law of Ukraine "On financial restructuring".

The company is a debtor – LLC "AGENCY of OFFICE CONSTRUCTION"

I sincerely hope for the successful completion of the financial restructuring process

We are pleased to announce the successful completion of financial restructuring , creditor which was first made by PJSC JSB "Ukrgasbank". We wish you success and hope for further extension of the Affairs of PJSC JSB "Ukrgasbank".

Debtor company - PRIVATE JOINT stock company "AGROFIRMA BEREZANSKAYA POULTRY plant" (USREOU code 30698067).

The lender - PUBLIC JOINT stock company JOINT stock BANK "UKRGASBANK" (EDRPOU code 23697280).

In the framework of fiscal 2017, the opportunity to bring objective results for this period and to build a forecast for the next fiscal year 2018. During the full action of the Law, i.e. from the moment of the final formation of all Executive organs necessary for its functioning (Secretariat, the Supervisory Board, the Arbitration Committee, the Arbitrators), it took a full 10 months. Successfully restructured (or is in the process of) 10 large cases, totaling more than 13 billion UAH. These figures, though, and should be seen as the only main criterion of the efficiency of the Law "On financial restructuring" (hereinafter the Law). However, given the fact that the report of the NBU at the end of 2017 the total NPL in Ukraine has reached a historic high of 58% (49% PrivatBank). The size of non-performing loans in the corporate sector in October 2017 is 430,4 bln. (62% of the corporate loan portfolio) according to the NBU. That is 10 months of work, the Law was restructured 4.2% of the total portfolio of problem loans, the NPL rate in 2017 showed a record growth. Based on the totality of all these figures it becomes clear that the Act has not received a mass demand and even failed to significantly reduce the NPL in the corporate sector.

The answer of the Ministry of Justice to the Secretariat's letter dated 01 February 2018р No. 2018-02-01/006 regarding the provision of clarifications on the application of the Law of Ukraine "On financial restructuring" in terms of repossession of property for obligations of owner as well as the taxation of such property.

Published a scan of answer IPS regarding the provision of clarifications regarding the taxation of transactions performed in the framework of the procedure of financial restructuring according to the Law of Ukraine "On financial restructuring".

In exclusive comments to the information portal Bankruptcy & Liquidation member of the Supervisory Board for financial restructuring, Deputy Director of the Department of restructuring and recovery of the savings Bank Irina Wise told how her institution used the Law of Ukraine "On financial restructuring" and that already have results.