Draft Law of Ukraine

"On Amendment of the Law of Ukraine "On Restoring a Debtor's Solvency or Recognizing it Bankrupt"

The draft suggests determining that funds obtained from sale of a bankrupt's property should be first of all aimed at satisfying claims arising from the bankrupt's liabilities to the enterprise's employees (except for returning contributions of the enterprise's employees to the statutory fund of the enterprise). According to the current wording of the Law of Ukraine "On Restoring a Debtor's Solvency or Recognizing it Bankrupt", respective liabilities are given the second priority.

Approval of respective amendments will create more favorable conditions for social protection of employees at bankrupt enterprises.