preventive restructuring; Directive 9EU) 2019/1023; viable business; micro and small enterprises; restructuring plan; second chance; cramdown
Abstract :
[en] Having been granted candidate status for EU membership, Ukraine must transpose Directive (EU) 2019/1023 into its national law. Furthermore, the transposition of the Directive is an explicit requirement for the EU's micro-financial aid to Ukraine. Ukraine faces a rather unique situation, being obligated to reform its insolvency legislation in line with the Directive during a time of war and within tight deadlines set by the EU. Currently, two bills have been filed with Parliament aimed at revising the 2018 Code on Bankruptcy Procedures in accordance with the Directive. The proposed modernizations aim to address the existing problems that Ukrainian businesses face when attempting pre-trial insolvency prevention measures and could prove extremely useful for Ukraine's post-war economic recovery.
Disciplines :
Economic & commercial law
Author, co-author :
KONONOV, Oleksiy ; University of Luxembourg > Faculty of Law, Economics and Finance (FDEF) > Department of Law (DL)
External co-authors :
no
Language :
English
Title :
Ukrainian Preventive Restructuring – First Transposition of Directive (EU) 2019/1023 by a Non-Member State
Small and Medium-Sized Enterprises and the EU Preventive Restructuring Directive 2019/1023: Success or Failure? (SMEPRD)
Funders :
HORIZON EUROPE Marie Sklodowska-Curie Actions Union Européenne
Funding number :
R-STR-8027-00-B
Funding text :
This project has received funding through the MSCA4Ukraine, which is funded by the European Union.
Views and opinions expressed are however those of the author only and do not necessarily reflect
those of the European Union. Neither the European Union nor the MSCA4Ukraine Consortium as a
whole nor any individual member institutions of the MSCA4Ukraine Consortium can be held responsible
for them.
