Law of Ukraine

"On Amendments to Certain Laws of Ukraine to Ensure Payments in the Fuel and Energy Sector"

Date of entry into force:
August 1, 2014

The Law of Ukraine "On Measures Aimed at Ensuring Sustainable Functioning of Companies in the Fuel and Energy Sector" determines a complex of organizational and economic measures aimed at ensuring sustainable functioning of companies in the fuel and energy sector.

The Law presents a new version of Article 1, paragraph 1.8 of the Law of Ukraine "On Measures Aimed at Ensuring Sustainable Functioning of Companies in the Fuel and Energy Sector", according to which the payment date is the date on which the parties of transaction fix the amounts of accounts payable and accounts receivable that must be settled, using the mechanisms provided for by this law. The payment date is set on January 1, 2013, and the payment date for accounts payable for electricity, for treasury companies, including those that were treasury companies as of January 1, 2011 – on July 1, 2011.

According to the Law, the procedure for debt repayment by companies of the fuel and energy sector is in effect until January 1, 2016 (new version of Article 3, paragraph 3.4 of the Law of Ukraine "On Measures Aimed at Ensuring Sustainable Functioning of Companies in the Fuel and Energy Sector").

The new version of paragraph 4-1, Chapter X "Final and Transitional Provisions" of the Law of Ukraine "On Restoring the Solvency of a Debtor or Declaring Them Bankrupt" establishes that provisions of the above law relating to proceedings in bankruptcy cases of companies in the fuel and energy sector that take part in the debt repayment procedure on the terms determined by the Law of Ukraine "On Measures Aimed at Ensuring Sustainable Functioning of Companies in the Fuel and Energy Sector" are applied with regard to the specifics determined by the Law of Ukraine "On Measures Aimed at Ensuring Sustainable Functioning of Companies in the Fuel and Energy Sector", until January 1, 2016.

The Law also presents a new version of paragraph 4, Chapter II "Final and Transitional Provisions: the Law of Ukraine "On State Guarantees of Execution of Court Resolutions", according to which provisions of the above law relating to execution of court resolutions and executive documents determined by the Law of Ukraine "On Execution Procedure", and the terms of their execution for companies in the fuel and energy sector that take part in the debt repayment procedure on the terms determined by the Law of Ukraine "On Measures Aimed at Ensuring Sustainable Functioning of Companies in the Fuel and Energy Sector" are applied with regard to the specifics determined by the Law of Ukraine "On Measures Aimed at Ensuring Sustainable Functioning of Companies in the Fuel and Energy Sector", until January 1, 2016.
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