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Duties and responsibilities


The Secretariat is established by the Supervisory Board formed pursuant to the Law of Ukraine “On Financial Restructuring” (hereinafter referred to as the “Supervisory Board”) and acts in conjunction with the Association “Independent Association of Banks of Ukraine” (hereinafter referred to as the “IABU Association”) (without the status of the legal entity). In the course of its operation the Secretariat is responsible and reports to the Supervisory Board.   


The main tasks of the Secretariat are: 

  • resolving of all administrative and procedural issues related to the financial restructuring procedure in accordance with the requirements of the Law;
  • providing technical and administrative support of dispute resolution in the arbitration court in accordance with the Rules of Arbitration;
  • preparing and providing reports to the Supervisory Board about the process and results of the financial restructuring procedure;
  • ensuring the storage of minutes of meetings of the Supervisory Board and the documents of the Supervisory Board as well as the storage of the materials of the cases and decisions of the arbitration court obtained as a result of dispute resolution in accordance with the Law and the Rules of Arbitration;
  • filing and distributing information regarding the financial restructuring procedure to the parties participating in the financial restructuring procedure;
  • elaboration of recommendations regarding the carrying out of the financial restructuring procedure, including regarding the documents necessary for carrying out of the financial restructuring procedure;
  • developing and managing own website where the Secretariat will post information in accordance with the requirements of the Law including the list of arbitrators approved by the Supervisory Board;
  • The Secretariat does not directly participate in negotiations regarding the restructuring between the debtor and the involved creditors.
  • Pursuant to it’s authorized tasks, the Secretariat will perform the following functions in the course of the financial restructuring:
  • receiving an application from the debtor on the restructuring and registering it provided that no proceeding was initiated against this debtor in case of bankruptcy or no rehabilitation procedure has started against the debtor prior to initiation of the case of bankruptcy;
  • verifying compliance of the application and consent for restructuring with the requirements of Article 18 of the Law and no later than on the following working day after the registration of the application deciding on the commencement of the financial restructuring procedure;
  • leaving the application on restructuring without consideration and returning it to the debtor if it does not comply with the requirements of the Law;
  • no later than on the following working day after the commencement of the financial restructuring procedure posting the notice on the commencement of the financial restructuring procedure on its own website that shall comply with the requirements of part 3 of Article 19 of the Law;
  • no later than on the following working day after the commencement of the financial restructuring procedure sending to all the creditors and related parties of the debtors identified in the annexes to the application on restructuring a notice on the commencement of the financial restructuring procedure;
  • determining a date, time, location of the first meeting of the involved creditors that shall take place no earlier than in seven working days and no later than in the course of ten days after the commencement date of the financial restructuring procedure; no later than on the following working day after the registration of the application sending to the creditors identified in the annexes to the application on restructuring a notice which defines the date, time, location of the first meeting of the involved creditors and contact details of the Secretariat and the debtor;
  • controlling the provision by the debtor of the information to the involved creditors in accordance with Article 19, part 2 of the Law no later than in seven working days before the first meeting of the involved creditors;
  • in case of receiving from the debtor within two working days before the holding of the first meeting of the involved creditors of a notice on amendments to the list of the involved creditors, the Secretariat shall no later than on the following working day from the day of receipt of such notice:
  • inform all the involved creditors about such amendments;
  • update the notice on the commencement of the financial restructuring procedure, posted on its website;
  • send to such involved creditor the information specified in part 1 and part 2 of Article 19 of the Law;
  • receive a copy of the standstill agreement if it has been concluded by the debtor and one or more involved creditors;
  • receive the original of the minutes of the meeting of the involved creditors on issues defined in part 1 of Article 23 of the Law;
  • upon receiving from the debtor or involved creditors of a notice on holding a meeting of the involved creditors, shall set, taking into account suggestions identified in the notice, the location, time and date of such meeting, which shall take place no earlier than in the course of five working days from the date of sending the notice to the Secretariat;
  • receive from the debtor a plan of restructuring with copies in accordance with the number of the involved creditors. The Secretariat shall send such plan and notice on holding of the meeting for approval to all the involved creditors no later than in 10 working days before the suggested date of the meeting. The plan of restructuring may be sent in electronic form with scanned signature and seals, and sending to the creditors may be carried out by e-mail;
  • receive from the debtor a notice on signing of the plan of restructuring;
  • receive from the debtor or the involved creditors a notice or an application on the occurrence of one of the events that in accordance with the provisions of the Law terminate the financial restructuring procedure, shall register such a notice or an application and publish it no later than on the following working day on the official website of the Secretariat;
  • receive from the involved creditors that are financial institutions a decision on the termination of the financial restructuring procedure and no later than on the next working day publish it on the official website of the Secretariat;
  • in case of occurrence of one of the events that constitute a ground for termination of the financial restructuring procedure in accordance with Article 27 of the Law in the course of one working day upon receiving information on such event, shall publish information on the termination of the financial restructuring procedure on the official website of the Secretariat and separately inform the debtor and the involved creditors about it in an official notice;
  • perform other functions stipulated by the Law and the Rules of Arbitration.  


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.