At the beginning of March, the Supervisory Board, which coordinates the financial restructuring procedure, approved members of the Arbitration Committee by preferential voting and appointed Yulia Kyrpa, partner of AEQUO Law Firm, as Deputy Chair of the Arbitration Committee.
The Supervisory Board, the Secretariat and the Arbitration Committee were established in compliance with the requirements of the Law "On Financial Restructuring". The Arbitration Committee selection process took place from 30 December 2016 to 21 February 2017. "We received more than 20 applications and were impressed that partners of the leading law firms together with outstanding scientists showed their strong interest in setting up an arbitration process in Ukraine which would reflect the best international practices,” said Sergiy Shklyar, Deputy Minister of Justice of Ukraine for Enforcement Service, Chairman of the Supervisory Board.
"The innovative Law “On Financial Restructuring” creates the background for the implementation of new debt restructuring tools for debtors whose business operations appear to be promising. Indeed, the law will help reduce the financial burden on debtors, provide tax privileges to debtors and banks, lift sanctions against banks for violating the particular regulations during the restructuring process, and introduce some other measures to promote the recovery of business activities in the country as a whole and rehabilitation of the financial sector. Hopefully, the law will become one of the important steps in reforming the financial sector, as it will help avoid massive bankruptcies of corporate debtors and, as a result, will improve the quality of bank assets saving banks from insolvency," comments Yulia Kyrpa, partner, head of Banking and Finance, Restructuring and Insolvency, AEQUO.
About the firm
AEQUO is an advanced industry-focused Ukrainian law firm made up of highly qualified, internationally recommended lawyers who work proactively to help their clients reach their business goals. Backed up by solid industry expertise and a thorough understanding of business we develop innovative strategies and provide efficient solutions to the most complex and challenging matters.
AEQUO provides integrated legal support in areas such as antitrust and competition, banking and finance law, intellectual property, corporate and commercial law, mergers and acquisitions, taxation, litigation and international arbitration, and capital markets.
The list of Aequo’s representative clients includes leading Ukrainian and international companies and organizations, such as Agroprosperis, Alfa Bank, Apax Partners, Apollo, Bunge, Dragon Capital, DuPont, EBRD, European Commission, Google, Inditex Group, MTS Ukraine, NCH Capital, Pioneer Hi-Bred International, ProCredit Bank, Samsung Electronics, Sandvik, Synthon, Tetra Laval, Ukrainian Redevelopment Fund, UniCredit Group etc.
AEQUO has been named Ukraine Law Firm of the Year by Chambers Europe Awards 2016, and one of the most innovative law firms in Europe in Business Development and Knowledge Sharing according to the FT Innovative Lawyers 2016.
For additional information please contact Yuliya Chervonookaya