In Re (#12 December 2014)

Restoring Solvency without Recourse to Court Procedures

by Artem V. Shyrkozhukhov, Anna V. Melnychuk

In 2014 Ukraine found itself in a perfect storm with almost anything bad that could happen either has already occurred or is taking place at the moment. The host of these issues makes creditors, either in theory or in the face of already crystallised defaults, start looking at their borrowers from the prism of insolvency. Getting tied up in years of lengthy bankruptcy procedures, often with little chance to recover their debt in full if at all, especially in case of unsecured creditors, is not a very promising prospect. Therefore, creditors are often trying to find working solutions to restructure indebtedness in a mutually acceptable way. The primary goal is for the debtor to survive, to relieve the immediate pressures of some of its obligations and gradually return it to a position of solvency...

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