Ukrainian Parliament adopted the new Law of Ukraine "On
Enforcement Proceedings" and the Law of Ukraine "On State
Bodies and Persons who Carry Out Enforcement of Court Judgments and
Decisions of other State Bodies" (both – Enforcement
Laws). These laws are aimed at improving state enforcement
procedures and increasing the protection of creditors' rights
in Ukraine. Enforcement laws come into force gradually. Certain
important changes are outlined briefly below:
Starting from 5 October 2016
The term for submission of
enforcement documents for enforcement is extended from one year to
three years. Exceptions to that rule include, in particular,
enforcement documents where the creditor is either the State of
Ukraine or a state body – three months. The above rule will
also apply to enforcement documents issued before the Enforcement
Laws' entry into force.
Advance payment of the enforcement
fee by the creditor. The Law of Ukraine "On Enforcement
Proceedings" sets out a list of exceptions when a creditor is
released from the aforementioned advance payment (e.g., recovery of
salary, tort loss and others) and puts a ceiling on its maximum
Starting from 5 January 2017
The Unified Registry of Debtors (the
Registry) is set up. This will be a public registry where all
outstanding debtors under enforcement documents will be indicated
(save for exceptions). If a debtor, who is indicated in the
Registry, applies to a state registrar or a notary with the aim to
alienate its property, such state registrar/notary must deny a
debtor's query and notify the enforcement officer. Any
transactions with debtor's property made during the period when
the debtor is indicated in the Registry may be invalidated by the
Private enforcement officers are
introduced. In addition to state enforcement officers, private
enforcement officers may enforce enforcement documents and have a
whole gamut of state enforcement officer's powers. There is a
list of exceptions, when enforcement documents may be enforced only
by state enforcement officers (e.g., enforcement documents against
state and municipal bodies, state, municipal property, state
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The event serves as high-level networking platform and gives all related parties active in the M&A insurance market the opportunity to connect and share their views. It brings together M&A insurers, transaction lawyers and tax advisers, private equity and corporate investors, and investment bankers. The M&A Insurance Summit aims to inform about new market trends, recent product developments and further business opportunities.
After much consultation and debate, the Ministry of Justice has published the final version of the Pre-Action Protocol for Debt Claims (the Protocol), which is due to come into force on 1 October 2017.
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A Jersey company or one of its creditors may wish the company to be placed into administration in England under Schedule B1 of the UK's Insolvency Act 1986 (the "Act").
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