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24 February 2010

Asters Partner Speaking at Ukrainian Bankruptcy Law Conference

Asters Partner Vadym Samoilenko attended conference "Ten Years of the Law "On Restoring Debtor's Solvency or Declaring Debtor Bankrupt": Results and Prospects" held in Yaremche, Ivano-Frankivsk oblast, on 18-21 February.

At the conference, Vadym Samoilenko presented report "Novelties in Draft Law "On Insolvency" Regarding Insolvency Practitioners", emphasizing major objectives and purpose of the Draft Law, which was being developed throughout 2009, with input from international organizations and Ukrainian practicing lawyers, including Asters Law Firm. Also, the speaker made specific suggestions how to improve and reform the legal status of the insolvency practitioners, which were incorporated into the Draft Law thus making its basis. Specifically, Mr. Samoilenko suggested introducing in Ukraine an institute of self-regulatory organizations of the insolvency practitioners (SRO), establishing membership in such SROs mandatory for the the practitioners, toughening the qualifying criteria and the practitioners' liability, also developing improved compensation procedure for their services, including indemnification of costs incurred through bankruptcy proceedings.

The conference was attended by over 80 professionals in the area of crisis management, financial rehabilitation, insolvency, and bankruptcy from Ukraine, Lithuania, and Russia, as well as judges, government official, top managers, in-house and corporate lawyers, crisis managers, insolvency practitioners, and international counsels.

The four-day conference served as a solid platform for a productive analysis and discussion the theory and practice of enforcement of Ukrainian insolvency and bankruptcy law, coordination between governmental authorities and entities under insolvency and bankruptcy proceedings, positive image-making of participants and procedures of bankruptcy and financial rehabilitation, creating favorable conditions for investments in Ukrainian economy through bankruptcy proceedings, and for further development and improvement of relevant bankruptcy legal framework.

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