Economy Ministry wants to sell the debtor's property through an auction

Ministry of Economic Development and Trade (MEDT) of Ukraine announced a new version of the Law of Ukraine "On the recovery of the debtor's solvency or declaring him bankrupt." The project expanded opportunities for early diagnosis of threat of insolvency of the debtor, the effective application of measures to prevent the bankruptcy of the debtor, as well as activities for the extrajudicial measures to restore the solvency of the debtor. The general procedure for pre-trial procedures for remediation. "Since the purpose of disclosure to commence proceedings in the bankruptcy case is to inform about this to the greatest possible number of persons, including foreign investors, the goal is possible through the disclosure of such information using modern technology, namely: through the Internet," - says in a memorandum. The bill also provides for the abolition of discriminatory order, under which bankruptcy creditors, who missed the established requirements for the treatment of life, lose the right to receive debt. Instead it is intended to give these creditors seeking to property within the requirements of the bankruptcy pleased with such requirements as a last resort and only after the bankruptcy proceedings to consider all claims settled. The project determined that the court handling the bankruptcy case, considers all property disputes involving the debtor. The bill clearly defines the term to carry out procedures for disposition of property of the debtor in 100 days. The document also provides the possibility of transition from the procedure in the disposition of property, sanitation only in the presence of the rehabilitation plan of the debtor. In the absence of the rehabilitation plan is entered bankruptcy liquidation proceedings. The project determined that the period of readjustment procedure may not exceed the period provided for the rehabilitation plan. It is proposed legislation to determine the maximum possible term reorganization in 18 months. In the case of non-rehabilitation plan is entered liquidation proceedings. A maximum period of the liquidation procedure in 12 months which may be extended once for up to 6 months. Also invited all the debtor's property sold exclusively at auction.