Insights
Insights on bankruptcy in Ukraine
Explanations of how bankruptcy procedures work, creditors’ rights and the consequences for the debtor. The materials are general in nature.
ArticleWho an arbitration manager is and what role they playWhat the status of an arbitration manager means and how it differs from other participants in bankruptcy proceedings.
An arbitration manager is an individual who holds a certificate of the right to act as an arbitration manager and acts in the procedures provided for by the Code of Ukraine on Bankruptcy Procedures. Depending on the procedure, they act as property administrator, rehabilitation manager, liquidator or restructuring manager.
The arbitration manager is appointed by the court in the bankruptcy case. Their activities are governed by the Code and other legislation, and their task is to perform functions in the relevant procedure rather than to represent the interests of a particular party.
This material is for general information only and does not constitute legal advice.
ArticleCreditors’ rights in bankruptcy proceedings: an overviewThe main options available to a creditor after bankruptcy proceedings are opened.
After bankruptcy proceedings are opened, creditors lodge their claims against the debtor in the manner and within the time limits set by the Code of Ukraine on Bankruptcy Procedures. Claims recognised in the established manner are entered in the register of creditors’ claims.
Creditors take part in meetings of creditors and may be represented on the creditors’ committee. Creditors are paid in the order of priority established by law. Specific time limits, the form of applications and the conditions of participation depend on the type of procedure, so they should be checked against the current Code.
This material is for general information only and does not constitute legal advice.
ArticleWhat changes for the debtor once proceedings are openedA general overview of the consequences of opening bankruptcy proceedings for the debtor.
Opening bankruptcy proceedings changes the way the debtor operates. Depending on the stage of the procedure, the powers of the debtor’s management may be restricted, and certain actions require the arbitration manager’s consent. At certain stages, a moratorium on satisfying creditors’ claims applies.
In liquidation, the powers to manage the debtor’s property pass to the liquidator. The exact scope of the restrictions is set by the Code of Ukraine on Bankruptcy Procedures and depends on the specific stage.
This material is for general information only and does not constitute legal advice.
Frequently asked questions
Who is an arbitration manager and who appoints them?
An arbitration manager is a person who holds a certificate of the right to act as an arbitration manager and acts in bankruptcy procedures. In a bankruptcy case, they are appointed by the court.
How does an arbitration manager differ from a lawyer (advocate)?
An arbitration manager performs the functions in a bankruptcy procedure defined by the Code of Ukraine on Bankruptcy Procedures. They act in the interests of the procedure rather than representing a particular party, as an advocate does.
Is an arbitration manager the same as an insolvency practitioner?
In practice, the role is comparable: an arbitration manager is the Ukrainian insolvency office-holder appointed by the court. However, their powers and duties are defined specifically by Ukrainian law and may differ from those of insolvency practitioners in other jurisdictions.
How does a creditor lodge a claim in the procedure?
Claims are lodged in the manner and within the time limits established by the Code of Ukraine on Bankruptcy Procedures. The specific conditions depend on the type of procedure, so they should be checked before filing.
What happens to the debtor during the procedure?
The way the debtor operates changes depending on the stage of the procedure. The scope of the restrictions is set by the Code.
How long does the procedure take?
The duration depends on the type of procedure and the circumstances of the case. Time limits are set by the Code of Ukraine on Bankruptcy Procedures and by court decisions.
How can I get in touch?
Send an enquiry through the form on the website, call +380 66 844 08 88 or write to kyivarbitr@gmail.com.