CMU provides a mechanism to determine the disposition of the property in the process of rehabilitation of the debtor's assets by replacing

The Cabinet of Ministers proposes to determine the mechanism of exclusion in a rehabilitation proceeding the debtor's property by replacing assets. The relevant draft government resolution was drafted by the Ministry of Justice as a public authority on bankruptcy and adopted at the meeting of Cabinet of Ministers today.

As the wording "UP" the press-service of the Ministry of Justice, it is assumed that the effect of a ruling is to clearly define procedures for implementing the replacement of assets, which would be an effective measure to restore the solvency of the debtor and will keep the activities of the company - the debtor and creditors to pay off debt.

Thus, the executive order provides that the disposition of the property will be carried out through the establishment based on the property of the debtor business entity.

If the debtor by the proceeds from the sale by auction of shares of the newly established business entity to satisfy the claims of creditors in full production of the bankruptcy of the debtor in accordance with the Law of Ukraine "On the reconstruction of the debtor's solvency or declaring bankruptcy" must be terminated by the economic court the administering readjustment.

If the proceeds from the sale by auction of shares of the newly established business entity will not be enough to satisfy the claims of creditors in full, sanitation manager will offer to creditors to conclude the agreement. If a settlement agreement is not concluded, the economic court in accordance with the Law of Ukraine "On the recovery of debtor's solvency or declaring bankruptcy" will determine the debtor's bankruptcy and liquidation procedure to open.

In this case, the decision determine what property may be alienated by the implementation of a rehabilitation proceeding replacement assets. In particular, in the case of the disposal of the property and the amount thereof shall be such as to the debtor and the newly formed business entity had the opportunity to conduct business.

Also, the decision found that the original cost of the property, which is alienated, determined in accordance with the law on the assessment of property, property rights and professional evaluation. A limitation any action aimed at changing its value, after determining the initial value of the property of the debtor.

The minister said the government decision was designed to implement the second part of Article 34 of the Law of Ukraine "On the reconstruction of the debtor's solvency or declaring bankruptcy." According to a legislative act, in particular, it is determined that the debtor's entire property complex or specific rehabilitation plan of the property of the debtor with the appropriate (proportional) part of its obligations (except for the obligations arising from the requirements of the bankruptcy creditors) may be disposed of by transferring the economic society, way debtor, in the manner established by the Cabinet of Ministers of Ukraine.

Share (shares) in the share capital of the economic entity are included in the debtor's property (asset substitution). During the formation of a business entity he transferred property assets (property and property rights) of the debtor, including the right to demand fall away, as well as a transfer of the debt to the requirements of current creditors.