At the beginning of March, the Supervisory Board, which coordinates the financial restructuring procedure, approved members of the Arbitration Committee by preferential voting and appointed Yulia Kyrpa, partner of AEQUO Law Firm, as Deputy Chair of the Arbitration Committee.
The Supervisory Board, the Secretariat and the Arbitration Committee were established in compliance with the requirements of the Law "On Financial Restructuring". The Arbitration Committee selection process took place from 30 December 2016 to 21 February 2017. "We received more than 20 applications and were impressed that partners of the leading law firms together with outstanding scientists showed their strong interest in setting up an arbitration process in Ukraine which would reflect the best international practices,” said Sergiy Shklyar, Deputy Minister of Justice of Ukraine for Enforcement Service, Chairman of the Supervisory Board.
"The innovative Law “On Financial Restructuring” creates the background for the implementation of new debt restructuring tools for debtors whose business operations appear to be promising. Indeed, the law will help reduce the financial burden on debtors, provide tax privileges to debtors and banks, lift sanctions against banks for violating the particular regulations during the restructuring process, and introduce some other measures to promote the recovery of business activities in the country as a whole and rehabilitation of the financial sector. Hopefully, the law will become one of the important steps in reforming the financial sector, as it will help avoid massive bankruptcies of corporate debtors and, as a result, will improve the quality of bank assets saving banks from insolvency," comments Yulia Kyrpa, partner, head of Banking and Finance, Restructuring and Insolvency, AEQUO.