Ukrainian Insolvency Law: Retrospective And Current Issues

Abstract

The article is devoted to the historical and current issues of Ukrainian insolvency law. The author states that the insolvency law after 1991 passed three stages: 1) 1991 to 1996 – the replacement of soviet legislation in an independent state and the adoption of the Law of Ukraine “On Restoring Debtor’s Solvency or Declaring a Debtor Bankrupt”; 2) 1996 to 2018 – the influence of European doctrine of insolvency law based on restoration of the debtor’s solvency; 3) 2018 – the current stage of insolvency law based on the Ukrainian Code of Bankruptcy Procedures. It is emphasized that the new Ukrainian Code of Bankruptcy Procedures is a compromise between “pro-creditor” European law and US law, which protects the debtor as much as possible by allowing him to restore solvency (“fresh start”) quickly.