In Re (#05 May 2013)

Bankruptcy Fraud Schemes in Ukraine

Anna F. Tyshchenko

Bankruptcy is a necessary legal institution that has many purposes. In my opinion, the most important one is to ensure that economic problems and impossibility to continue business will affect the bankrupt’s counterparts as little as possible or will not affect them at all. Still, national practice shows the opposite meaning of this term. It is widely known that in Ukraine bankruptcy is frequently used as a tool to clean up a business and to get rid of undesired creditors. In the main the reason for such a trend is not imperfect legislation but the committing of fraud and other crimes that may be referred to as “criminal bankruptcy”…

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