October 2019 – Andriy Nikiforov, Counsel and Head of Banking, Finance & Capital Markets at Kinstellar Kyiv, participated in the inaugural LMA Training in Kyiv, Ukraine, organised by the Loan Market Association (LMA) on 23 October 2019.
The training covered LMA primary agreements, syndicated lending, intercreditor arrangements, role of security agents, green loans and sustainable lending, and other hot topics. The training sessions have been led by senior UK and Ukraine qualified finance lawyers who have first-hand experience and knowledge of the industry and Ukrainian market. The event brought together international financial institutions, commercial banks, Ukrainian blue-chip corporates and leading Ukrainian transactional law firms.
Andriy Nikiforov spoke on the finance related aspects of the Bankruptcy Code of Ukraine that came into effect on 21 October 2019, in particular on its likely impact on new-money finance deals and debt restructurings in Ukraine. In his presentation, Andriy discussed the potential of the Bankruptcy Code to lay the groundwork for a change in the creditors' approach to assessing the proposed security package in relation to new investments due to simplified requirements for commencement of insolvency proceedings, changes in the grounds for clawback of the debtor's transactions and longer, 3-year hardening period. Andriy also offered a fresh take on the rules on managers' and shareholders' liability in connection with the debtor's insolvency, in particular the reengineered concept of liability of the debtor's CEO for failing to file for the company's bankruptcy as introduced by the Bankruptcy Code.