Bankruptcy Code of Ukraine (Code) entered into force on 21.10.2019 despite 2 bills delaying its effective date. But these bills were not supported by the Verkhovna Rada.

The Code is accrediting and regulates rehabilitation procedures in more detail. Removal of the rehabilitation manager is also within the powers of a court and in case of his/her removal a commercial court may appoint another supervisor in due course. The Code establishes a number of fuses for appeal in cassation. In addition, under the Code, an appeal in itself does not suspend bankruptcy proceedings.

Corresponding changes are also made to the Civil Code of Ukraine regarding the bankruptcy of natural persons which directly regulate the legal consequences of a failure of an individual to fulfill his property obligations and pay debts.

Regular governmental by-laws regulate the procedure for selling debtors’ property through open electronic auctions and accreditation procedures.