LAW OF UKRAINE

of April 13, 2021 No. 1382-IX

About modification of some legal acts of Ukraine concerning restructuring of obligations on foreign currency loans and adaptation of procedures of insolvency of physical persons

The Verkhovna Rada of Ukraine decides:

I. Make changes to the following legal acts of Ukraine:

1. In the Code of Ukraine on insolvency proceedings (To the sheet of the Verkhovna Rada of Ukraine, 2019 No. 19, the Art. 74):

Item 4 of part seven of Article 123 to exclude 1);

2) in the Section "Final and Transitional Provisions":

the fourth Item 2 to state the paragraph in the following edition:

"The law of Ukraine "On the moratorium on collection of the property of citizens of Ukraine provided as providing foreign currency loans" (Sheets of the Verkhovna Rada of Ukraine, 2014, No. 28, to Art. 940; 2015, No. 43, Art. 386; 2020, No. 38, Art. 279; with the changes made by the Law of Ukraine of September 16, 2020 No. 895-IX) voids in twenty months from the date of enforcement of this Code";

in Item 5:

after paragraph one to add with four new paragraphs of the following content:

"If the single creditor in the procedure of insolvency of physical person is the mortgage creditor, and the debtor owns on the property right one real estate object (the apartment, the apartment house) which is the single place of residence of family of the debtor and is in mortgage of the secured creditor, such debtor has the right to submit the application for opening of proceeedings for insolvency according to article 116 of this Code, but without determination of face of the arbitration manager and without provision of proofs of advancing of remuneration to the managing director of restructuring, stipulated in Item 12 parts three of article 116 of this Code to whom the draft of the restructuring plan which corresponds to the restructuring conditions determined by this Item is attached.

The economic court directs determination about adoption of the statement to consideration to the secured creditor determined in the statement for opening of proceeedings for insolvency and establishes term for provision of objections which cannot exceed 15 days.

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