People's deputies began to consider the bill yesterday, but then they did not support any of the amendments.

The adopted Code defines the conditions and procedure for restoring solvency of a debtor-legal entity or recognizing it as a bankrupt and applying a liquidation procedure in order to fully or partially satisfy creditors' claims, as well as to restore the solvency of an individual.

It should be noted that the relevant bill was adopted as a basis on March 20, 2018. In preparation for the second reading, more than 1335 amendments were received, 60% of which were taken into account in full or in part, 40% were rejected.

The code consists of four books:

Book 1. The general part.

Book 2. Arbitrage Manager.

Book 3. Bankruptcy of legal entities.

Book 4. Restoration of solvency of an individual.

The Final and Transitional Provisions introduced amendments to the Economic Code, the Civil Code, the Economic Procedural Code, the Civil Procedural Code, the Laws of Ukraine "On Mortgage", "On Collateral", "On the State Registration of Real Rights to Real Estate and their Encumbrances", "On Executive Proceedings", "On Banks and Banking", "On Insurance", "On Financial Restructuring", "On State Registration of Legal Entities, Individual Entrepreneurs and Public Formations".

Simultaneously with the coming into force of this Code, the Law "On Restoration of the Debtor's Solvency or Recognition as a Bankrupt" bacame invalid.

After the entry into force of the Code, further prosecution of bankruptcy proceedings will be carried out in accordance with its provisions, regardless of the date of opening bankruptcy proceedings, except for those cases that at the time of entry into force of the Code will be at the stage of reorganization. For such cases, proceedings will be carried out in accordance with the Law "On Restoration of the Debtor's Solvency or Recognition as a Bankrupt". But the transition to the next judicial procedure and further proceedings in these cases will be carried out in accordance with the new Code.

The Code comes into force and is put into effect after 6 months from the date of its official publication, except for the provisions determining the establishment of an electronic trading system and the authorization of electronic platforms, which enter into force and are put into effect 3 months after the date of official publication of this Code.