11:45 20.05.2019

ProZorro.Sales platform could ensure transparent sale of debtors' property in line with new bankruptcy code – official

2 min read

KYIV. May 20 (Interfax-Ukraine) – The property of debtors in line with the requirements of the new Bankruptcy Code should be sold via the ProZorro.Sales platform, according to First Deputy Economic Development and Trade Minister of Ukraine Maksym Nefyodov.

"It is very important to implement this process of selling the debtors' property through the ProZorro.Sales platform into a high-quality and transparent mechanism," he said at a press conference at Interfax-Ukraine.

As Nefyodov said, through the ProZorro.Sales platform, similar assets of the Deposit Guarantee Fund worth one billion hryvnias are sold every month. We have built a qualitative process, to which there is not a single claim either from the Ukrainian players, or from foreign ones, or from Ukrainian banks, or from international partners. Therefore, the same process was implemented for small-scale privatization, for the sale of surplus property of state-owned enterprises and municipal enterprises and for issuing subsoil use licenses," he said, adding that the ProZorro.Sales platform brings together more than 50 exchanges and marketplaces.

As reported, on October 18, 2018, the Verkhovna Rada adopted the Bankruptcy Code (bill No. 8060), and the President of Ukraine in April 2019 signed it into the law. It sets out fundamentally new approaches to bankruptcy, including bankruptcy of individuals and electronic auctions for the sale of property of debtors through the electronic system. An electronic trading system should be two-level, consisting of a central database with an auction module and electronic platforms. The Ministry of Justice of Ukraine has begun the development of a procedure for conducting electronic auctions to sell bankrupt property.

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