Ukraine's parliament, the Verkhovna Rada, has approved a bill on introducing amendments to some laws to improve the procedure of financial restructuring in Ukraine.
The proposed law eliminates shortcomings of the current legislation and introduces amendments to the laws ‘On financial restructuring’, ‘On mortgage’ and ‘On securing creditors' claims and registration of encumbrances.
The document envisages a joint financial restructuring procedure for several debtors who are related parties but have different creditors. Also, the bill proposes that the operation of the Law of Ukraine ‘On financial restructuring’ be extended for six years.
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