Bankruptcy

Ukrainian reality often leads to the fact that, despite the positive decision of the court for the recovery from the debtor, the latter may simply not have enough money to fully cover the debt. More often, the procedure of bankruptcy has place in such cases.  According to statistics, only 9% of creditors' claims are offset in Ukraine, compared to 31% in Eastern Europe and Central Asia. Support of bankruptcy procedure in Ukraine takes about 42% of the total business value, compared to 13% in most other countries.

Bankruptcy procedure in Ukraine is regulated by the Law of Ukraine «On the recovery of the debtor's solvency or the recognition of its bankruptcy», which provisions stipulate that the bankruptcy procedure is deemed opened if the creditor’s complaint to the debtor is more than 300 minimum wages. Also it is necessary to note that the complaint of the creditor has to be submitted timely. The claims of the creditors stated more than 30 days after publishing in the media of information about the opening of bankruptcy proceedings are not accepted by the court.

Misechko & Partners law firm provides services to protect the interests of both debtor and creditor in bankruptcy procedures. In order to protect the interests of the creditor, the firm provides consultations and represents clients at the stage of pre-trial procedures and within the trial, including:

• preparation of the declaration of bankruptcy;
• control of liquidator actions at the stage of reorganization and liquidation;
• pursuance of other necessary actions.

If necessary, Misechko & Partners provides services of appealing the actions/omissions of the liquidator (readjustment manager).

Our firm offers clients a full range of services to support them in bankruptcy procedures, including the search for the best ways to return creditor’s money using the procedure of bankruptcy of debtor, as well as control over their observance.