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One of work-streams in the Foundation’s project Economic Reforms Agenda is a development of amendments to Ukrainian bankruptcy laws. According to Doing Business 2010, the rankings developed by the World Bank, Ukraine is ranked 145th out of 181 countries on closing a business. There are many objective indicators pinpointing a very low effectiveness of Ukrainian laws on solvency restoration and bankruptcy.
Solvency restoration and bankruptcy procedures are an important element of normal functioning of any market economy. These procedures should ensure relatively quick and effective winding-up of insolvent companies and reorganization of debtors that are solvent but temporary unable to pay.
The top objective in developing the draft bankruptcy law is to bring solvency restoration / bankruptcy procedure closer to the world’s best practices. To this end, Ukraine has to make it shorter and cheaper, improve the rate of creditors’ claim payout and ensure rehabilitation of potentially solvent companies.
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Newsletter #11
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Foundation for Effective Governance
23F Kudrjavska Street Kiev 04053, Ukraine
Reception: +380 44 501 41 00 PR Department: +380 44 501
41 07 Fax: + 380 44 501 41 05
e-mail: feg@feg.org.ua |
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