LAW OF UKRAINE

of June 5, 2020 No. 686-IX

About introduction of amendments to the Code of Ukraine on insolvency proceedings

The Verkhovna Rada of Ukraine decides:

1. Bring in the Code of Ukraine on insolvency proceedings (Sheets of the Verkhovna Rada of Ukraine, 2019, No. 19, the Art. 74) the following changes:

Article 1 to add 1) with part four of such content:

"The term "budget institution" is used in the value given in the Budget code of Ukraine";

Part the fourth Article 2 to state 2) in the following edition:

"4. Bankruptcy proceeding of debtors - the state companies and budgetary institutions, and also sanitation of such debtors before opening of proceeedings about bankruptcy are not allowed";

Part third of Article 87 to state 3) in the following edition:

"3. The protocol on holding the auction and the act of property acquisition at auction is the basis for issue by the notary of the certificate on property acquisition from the public biddings (auctions) and state registration of the property right or other property right on real estate according to the procedure, stipulated by the legislation. Services of the notary are paid in that case by the buyer";

The Section "Final and Transitional Provisions" to add 4) with Items 2-1 and 4-1 of the following content:

"2-1. Prior to the day of the beginning of functioning of Single judicial information and telecommunication system appointment of the arbitration manager for accomplishment of powers of the manager of property or the managing director of restructuring in case of opening of proceeedings about bankruptcy (insolvency) is performed taking into account the features determined by this Item.

The statement of the initiating creditor or debtor - physical person about opening of proceeedings about bankruptcy (insolvency), except the data provided by Article part one 34, part two of article 116 of this Code shall contain the offer concerning the candidate for the arbitration manager for accomplishment of powers of the manager of property or the managing director of restructuring.

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