Simplified bankruptcy for small business: what is known about bill No. 15024
Bill No. 15024 promises a faster and cheaper procedure for small business, but it has only been adopted in the first reading. Until final adoption the general procedures apply, so there is no point in waiting.
What is proposed
The Verkhovna Rada adopted bill No. 15024 in the first reading on 16 September 2026. It is based on EU Directive 2019/1023 and the requirements of the Ukraine Facility programme. A separate simplified procedure is proposed for micro and small business: up to 180 days, fewer documents, faster handling of applications and lower costs. The court will consider only the claims that the parties dispute.
My position
Simplification is genuinely needed: for a small business a long and expensive procedure often means it never reaches court. But speed should not mean weaker control. If the court assesses only disputed claims, undisputed ones pass without review, so creditors will have to file objections on time and check themselves whether debts are real and where assets went.
What to do now
- Do not wait. If a business already cannot pay its obligations, the general procedures of the Bankruptcy Code apply. The final parameters of the simplified one will be known after the law is adopted as a whole.
- Collect documents. Accounts, a list of creditors and debts, contracts, data on property.
- Watch deadlines. Creditors should file claims and objections on time.
- Check transactions. Suspicious contracts are best checked before the procedure.
This is my professional position, not individual advice: the details depend on the circumstances of the proceedings.