Judge-speaker of the Economic Court of Luhansk region, PhD in Law, co-founder of the NGO “Pro Justice” Olena Fonova spoke at the X Forum on Restructuring and Bankruptcyorganized by the Yurydychna Praktyka publication . In her report, she discussed the issue of compensation for damage caused to bankrupt companies as a result of the war and emphasized the key problems arising in law enforcement.

Main points of the report

🔹 According to the Bankruptcy Code of Ukraine (BCU), the losses of debtors caused by the war are assessed according to the methodology of the Ministry of Economy and the State Property Fund of Ukraine.
🔹 To determine the amount of damages, a forensic examination or an independent assessment is required.
🔹 The valuation is made in US dollars and converted into UAH at the NBU exchange rate.
🔹 The valuation date cannot be earlier than February 23, 2022.

Challenges and problematic issues

However, the practical application of these rules raises a number of difficulties:
⚠️ What to do if the debtor does not have the funds to conduct an appraisal?
⚠️ Can the court compel an appraisal?
⚠️ If the creditors refuse to finance the appraisal, can the debtor be considered to have no assets and the bankruptcy case be closed?
⚠️ Will the existence of a decision on recovery of damages from the Russian Federation lead to the endlessness of the bankruptcy procedure?

“Applying this rule creates more obstacles than ignoring it, turning it into a barrier instead of a solution,” summarized Olena Fonova.

The forum has become an important platform for discussing pressing issues and finding solutions that will help improve the mechanisms for compensating businesses for losses during the war.