Deputy Minister of Finance Artem Shevalev attends public discussion of draft law on financial restructuring of companies

3/1/16

On February 29, deputy Minister of Finance Artem Shevalev attended a Round Table to discuss the draft law on the financial restructuring of companies with colleagues from the National Bank of Ukraine, the Banking Association of Ukraine, banks’ representatives and experts of the project office of the National Reform Council.

The Ministrer of Finance is actively working to recover the public financial system and to ensure financial stability on the currency market and in the banking sector. To do this, the Ministry of Finance is taking resolute steps to settle issues related to the debt burden on citizens and companies in Ukraine.

Last year, the Government followed the initiative of the Ministry of Finance and approved the draft Law «On financial restructuring» which had been elaborated to assist viable businesses in coping with their excessive debts and to return them to active operations.

During the discussion deputy Minister of Finance Artem Shevalev said that the approach proposed in the draft law gives companies temporarily unable to serve their debts a chance to return to solvency.

«The draft law shall enable potentially viable companies with an effective business model to turn solvent, avoid bankruptcy and return to growth», Artem Shevalev said.

Deputy Head of the National Bank of Ukraine Vladyslav Rashkovan pointed out that the mentioned draft law is aimed to help viable companies affected by short-term but rankling financial problems.

«Such companies were hit by an economic shock due to, for instance, plummeting foreign markets. However, they are searching for ways to return to normal operations. Therefore, we must create a mechanism to get banks to the table of negotiations and to elaborate a unanimous solution to restructure the debts of such companies“, deputy Head of the National Bank said.

The draft Law «On financial restructuring» will be presented to the Parliament soon.

You can mark the parts of text you like, which will be available at the link in the address bar of your browser

You can mark the parts of text you like, which will be available at the link in the address bar of your browser