Expert Opinion (#3-4 March-April 2021)

Domino Effect in Bankruptcy

by Oleksandr Udovychenko

The title of this article is not random. It aims to highlight those recent developments in Ukrainian bankruptcy law that were adopted upon recommendations made by European and US experts.

Unlike the previous bankruptcy law, the Bankruptcy Proceedings Code, which came into force in 2019, ignores debtors and supports creditors. But a few business players have already understood or felt that.  This is natural, because we start studying problems only when we face them directly. It seems ineffective to spend time revising a new law until we start applying it, but when lawyers can hardly suffer negative consequences, business can face great challenges.

Oleksandr Udovychenko, PhD in Law, is a counsel  at ADER HABER

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