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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.
Your Bank – is the only one of the state banks, which the subject undertook the restructuring of problem loans. Have you started this process?
Hosted the event to promote the Law of Ukraine "On financial restructuring".
It can be argued that the business community begins to shape their understanding of the procedure. That, in turn, positively affect their willingness to participate in restructuring under the Act.
Expect a geometric increase in the near future.
The Secretariat on the implementation of the Law of Ukraine "On financial restructuring" (hereinafter –the Secretariat), organized with the support of the Independent Association of Ukrainian banks (NABU) and the European Bank for reconstruction and development (EBRD), continuing work on the practical implementation of the Law of Ukraine "On financial restructuring", invites You to participate in a thematic event in the format of a Round table: "the Advantages and disadvantages of the use of the law of Ukraine "On financial restructuring".
Secretary for financial restructuring, starts the autumn with another large project in the works.
With the consent of creditors of PJSC "State savings Bank of Ukraine" initiated another procedure of financial restructuring of the company "Company "NACO"
