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LAW OF UKRAINE

of March 20, 2023 No. 2971-IX

About modification of some legal acts of Ukraine

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):

1) in Article 1:

in part one:

in paragraph three to replace the word "insolvency" with the word "inability" and to add with the words "or procedures of repayment of debts of the debtor";

in paragraph five of the word "monetary commitment" shall be replaced with words "monetary commitment (debt)", and the words "about bankruptcy" - the words "about bankruptcy (insolvency)";

the fifteenth to state the paragraph in the following edition:

"the extinguished requirements of creditors - the met requirements of creditors, and also obligations stopped according to this Code";

in the paragraph the sixteenth to replace the word of "bankrupt" with the word of "debtor";

paragraphs the twenty first, twenty second and twenty fourth to state in such edition:

"the automated system" bankruptcy and insolvency" - set of the program and technical and telecommunication means providing collection, storage, accounting, search, generalization, provision of data on course of production on the case of bankruptcy (insolvency) and financial and economic indicators of the debtor, forming of the Unified register of debtors concerning which proceeedings about bankruptcy (insolvency), the Unified register of arbitration managers of Ukraine, functioning of electronic office of the arbitration manager and protection against unauthorized access are open. Competitive creditors, secured creditors, investors, and also the current creditors (have right of access to information on the debtor containing in the closed part of the Unified register of debtors concerning whom proceeedings about bankruptcy are open (insolvency) from the moment of adoption by economic court of the resolution on recognition of the debtor by the bankrupt) according to the procedure, determined by state body concerning bankruptcy;

party litigants about bankruptcy (insolvency) - competitive creditors (the chairman of creditor committee), secured creditors, the debtor (bankrupt)";

"participants on the case of bankruptcy (insolvency) - the parties, the arbitration manager, state body concerning bankruptcy, other participants of case on bankruptcy, concerning the rights or obligations of which exists dispute, and also in the cases provided by this Code, Fund of state-owned property of Ukraine, the National commission on securities and the stock market, the representative of local government body, the employee representative of the debtor, the authorized person of founders (participants, shareholders) of the debtor";

third to state part in the following edition:

"Terms" real conflict of interest "and" potential conflict of interest "are used in this code in the values given in the Law of Ukraine "About prevention of corruption";

the fourth in edition of the Law of Ukraine of June 19, 2020 No. 738-IX to consider part part five;

2) in Article 2:

add part one with the paragraph the second the following content:

"Application of provisions of the Economic Procedure Code of Ukraine and other legal acts of Ukraine is performed taking into account the features provided by this Code";

part the sixth after the words "about bankruptcy" to add with the word "(insolvency)";

Paragraphs of the fifth and sixth part one of Article 3 to replace 3) with one paragraph of the following content:

"creates and keeps the Unified register of arbitration managers of Ukraine, the Unified register of debtors concerning which proceeedings about bankruptcy are open (insolvency), being components of the automated "bankruptcy and insolvency" system, and establishes procedure for submission of the data (information) necessary for maintaining the specified registers".

With respect thereto the seventh or fourteenth to consider paragraphs respectively paragraphs the sixth or thirteenth;

In paragraph ten of part six of Article 5 of the word "without consideration" to exclude 4);

Article 6 to add 5) with part four of the following content:

"4. When implementing judicial processes concerning the debtor for the purpose of reduction of terms of proceeedings about bankruptcy (insolvency) the economic court is guided by the principle of procedural economy";

6) in Article 7:

in part two:

paragraph one after the words "about bankruptcy " to add with the word" (insolvency)";

after the paragraph of third to add with two new paragraphs of the following content:

"Statements (actions for declaration) of participants of proceeedings for bankruptcy (insolvency) or other persons in disputes in which party is the debtor are considered within matters on bankruptcy (insolvency) by rules of the expedited claim production.

The claimant has the right in the action for declaration to declare the motivated petition for consideration of the case on rules of general claim production. If the court by results of consideration of the petition of the claimant comes to conclusion about consideration of the case according to the procedure of general claim production, he notes about it in the resolution on opening of proceeedings".

With respect thereto the fourth to consider the paragraph the paragraph the sixth;

third to state part in the following edition:

"3. Case papers in which the party is the debtor concerning the disputes specified in part two of this Article in which production is open to or after opening of proceeedings about bankruptcy (insolvency), at the initiative of the participant of case or court instantly, but no later than five working days go to Economic court in which production there is case on bankruptcy (insolvency) which considers dispute over being within this case";

add with part four of the following content:

"4. If the economic court, considering within case on bankruptcy (insolvency) dispute on collection from the debtor of money, will determine that the claimant in such dispute submits on the case of bankruptcy (insolvency) of the debtor the statement with monetary claims to the debtor, the economic court leaves such claim without consideration";

7) in Article 8:

add the name with the word "(insolvency)";

in part one:

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