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Preventive Restructuring in Ukraine: Lessons learned from EU Member States

Pravo-Justice and INSOL Europe joined forces for a webinar on 24 January 2025 further to the implementation of the Directive (EU) 2019/1023 on Restructuring and Insolvency in Ukraine. Indeed, on 22 October…

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Preventive Restructuring in Ukraine: Lessons learned from EU Member States
Pravo-Justice and INSOL Europe joined forces for a webinar on 24 January 2025 further to the implementation of the Directive (EU) 2019/1023 on Restructuring and Insolvency in Ukraine. Indeed, on 22 October 2024, the President of Ukraine signed the law No. 3985-IX adopted by the Parliament of Ukraine on 19 September 2024 amending the Bankruptcy Code and introducing a preventive restructuring framework aligned with the EU acquis. 

The webinar – reaching 154 registrations - focused on the lessons learned from the implementation of the Directive on Restructuring and Insolvency in France, Greece, Italy, the Netherlands and Romania to prepare the entry into force of the Ukrainian preventive restructuring framework.

Iryna Zharonkina (EU Project Pravo-Justice Enforcement and Protection of Property Rights Component Lead) welcomed the attendees and introduced our president Alice van der Schee, (Van Benthem & Keulen, The Netherlands) who presented our organisation as well as an update on the national implementations of the Directive on Restructuring and Insolvency and their assessment by the European Commission.

During three hours, Judge Luciano Panzani (Judicial Wing member, Italy), Stathis Potamitis & Vassilis Stergiou, (POTAMITISVEKRIS, Greece), Christophe Thevenot (Council member, Thevenot Partners, France), Paul-Dieter Cirlanaru, (Council member, CITR, Romania) and Judge Elsbeth de Vos (Judicial Wing member, High Court of Amsterdam, The Netherlands) shared insights from their practical experience within their respective jurisdictions in accessing preventive restructuring procedures, facilitating negotiations on preventive restructuring plans and getting restructuring plans designed and approved.

The discussions were brilliantly moderated by Oleh Vaskovskyi (Supreme Court Justice, Secretary of the Judicial Chamber for Bankruptcy Cases of the Commercial Cassation Court within the Supreme Court), Vladyslav Filatov (Director of Bankruptcy Department, Ministry of Justice of Ukraine) and Oleksandr Bondarchuk, (Head of National Association of Insolvency Trustees, Absolute Law Firm).

The Directive on Restructuring and Insolvency has been a milestone for the EU towards targeted harmonisation of Member States’ national insolvency laws in the area of preventive restructuring frameworks. Our joint event was the opportunity to evaluate the practical impact of the implementation of the provisions of the Directive on Restructuring and Insolvency in five Member States, exchange good practices and highlight issues, amongst EU and Ukrainian professionals that will guide the future of harmonisation of restructuring in Europe.
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