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News

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Banks are allowed to write off bad loans without tax consequences (auto-translate)
The state fiscal service has withdrawn its letter from 08.02.2017 year, which established that is recognized bad debt is only part of the amounts of debt over 360 days. That is, if a debt exists only in the body of the loan and accrued interest is missing for taxation shall be only payable on the loan.This contributed to the Ministry's position, formulated in response to a request from NABOO.
Article: "exploding the myths: what is the law on financial restructuring" (auto-translate)

The new law has already started four procedures of debt restructuring

Since the start of the work of the Secretariat established in accordance with the law "On financial restructuring", considering four cases. We see a great interest of banks and business in the procedures of financial restructuring. However, as is the case with any new phenomenon, has arisen a lot of myths and subjective interpretations.

The law "On financial restructuring" gives lenders and borrowers the opportunity to restructure their loan agreement using voluntary extra-judicial procedures. But few people understand the overall ideology of the law and the meaning that was laid into it by the developers.

5 pressing questions about financial restructuring (auto-translate)

From the beginning of April 2017, two Ukrainian company restructured its obligations to creditors. And more number of borrowers is now in the process of voluntary financial restructuring.

We chose the 5 most common questions about the opportunities offered by the current law. They replied the head of the Secretariat, which oversees the system of financial restructuring, Yuliia Kostetskaya.

The completion of financial restructuring
Today, in connection with the receipt of notice of approval of PJSC JSCB "INDUSTRIALBANK" the restructuring plan of the debtor, LLC "Bestment-service", successfully completed the procedure of financial restructuring in this case.

At this time, this is the second successfully completed the restructuring process carried out according to the law of Ukraine "On financial restructuring".
The completion of the first procedures of financial restructuring

Today, in connection with the approval of the company ""Finance company "Morgan capital" of the restructuring plan of the debtor, OOO "SVS-Shumsk" was successfully completed and the procedure of financial restructuring in this case.

At this time it is the first successfully completed process of restructuring, conducted according to the law of Ukraine "On financial restructuring".

The first case from a commercial Bank
Today, the Secretariat had registered the statement of the financial restructuring, where brought by lender is a commercial Bank PJSC JSCB "Industrialbank".

This is the first statement from the commercial Bank since the opening of the work of the Secretariat.

I hope to further enhance the activity of banks and financial institutions in the framework of the Law of Ukraine "On financial restructuring".
Official appeal the Chairman of the Supervisory Board Serhii Shkliar

Dear colleagues,

It is my honour to inform you that the Law “On Financial Restructuring” №1414-VIII dated 14.06.2016 (referred to herein as the Law) came into force on October 19th, 2016.
The Law is directed at clarifying the conditions and the order for performing the procedure of voluntary financial restructuring with the aim of restoring the commercial activity of the debtor enterprises. With respect to the fact that, under the Law, the procedure of voluntary financial restructuring is available exclusively to debtors with financial institutions among their creditors, we would like to address you with the following information:

Sergiy Shklyar: "We are ready for financial restructuring" (auto-translate)
The procedure of financial restructuring provided for debtors whose activity is potentially promising, but they are experiencing temporary financial difficulties as a result of the rapid devaluation of the national currency, loss of markets, falling revenues and margins, says in his column the Deputy Minister of justice in the Executive service Sergiy Shklyar, who became the Chairman of the Supervisory Board set up pursuant to the requirements of the law "On financial restructuring".
Irene Wise: "Financial restructuring to be, who wouldn
The subject of financial restructuring does not cease to be one of the key discussion among the bankers, financiers, lawyers, representatives of the business environment. The topic is complicated, and hence the discussion does not go beyond the expert field. But we should not forget that the consequences of implementing or not implementing will be felt for the economy and, finally, for every citizen.

The project is funded by a grant received from the European Bank for Reconstruction and Development under the Shareholder Special Fund.
The project is implemented by the administrative and financial support of NABU.