Law of Ukraine

“On Compensation of Debt of State-Owned Enterprises of the Coal Industry for Insurance Payments and Penal Sanctions (Fines) to the Fund of Social Insurance against Workplace Injuries and Occupational Diseases of Ukraine”

Date of entry into force:
October 17, 2013

According to Article 1 of the Law, it applies to coal mining and deep mining companies, mines, and separate divisions of the above enterprises (mines) that keep a separate balance sheet, carry out independent transactions with insured persons, and belong to the management sphere of the Ministry of Energy and Coal Industry of Ukraine, or are business associations in respect of which the Ministry of Energy and Coal Industry of Ukraine exercises the right to manage state-owned corporate interests, which are insurers according to the Law of Ukraine “On Mandatory State Insurance against Workplace Injuries and Occupational Diseases that Caused Loss of Labor Capacity” and before January 1, 2011 were registered with the Fund of Social Insurance against Workplace Injuries and Occupational Diseases of Ukraine (hereinafter referred to as “Fund”) as payers of insurance payments (hereinafter referred to as “state-owned coal mining enterprises”).

The debt of state-owned coal mining enterprises for insurance payments and penal sanctions (fines) to the Fund, including those established by court resolutions, is compensated through restructuring. The restructured amount shall be the outstanding debt of a state-owned coal mining enterprise for insurance payments for mandatory state insurance against workplace injuries and occupational diseases that caused loss of labor capacity, accrued before January 1, 2011, and outstanding penal sanctions (fines) accrued on the amount of such debt, which remain unpaid as of the day on which the Law takes effect (hereinafter referred to as “debt amount”). By request of state-owned coal mining enterprises, debt amounts can be restructured for a term of up to 60 months from the date on which a debt restructuring agreement is concluded by executive administration departments of the Fund. To restructure the debt, a state-owned coal mining enterprise addresses an executive administration department of the Fund at its location, during 90 calendar days after this Law takes effect. The restructured debt is repaid starting from the month following the month when the debt restructuring agreement is concluded, and is payable in equal monthly installments, paid before the 28th day of every month. Interest is charged for debt restructuring, calculated for the period starting from the date of the debt restructuring agreement conclusion and ending on the day of complete debt repayment, based on the discounting rate of the National Bank of Ukraine effective as of the time of payment of each monthly installment. The above interest is accrued by the state-owned coal mining enterprise, but not paid, except for cases when the debt restructuring agreement is to be terminated. The above interest is written off at the time of complete repayment of the restructured debt by the state-owned coal mining enterprise (Article 2 of the Law).

Article 3 of the Law establishes that a debt restructuring agreement is concluded between a state-owned coal mining enterprise and an executive administration department of the Fund, according to the procedure and form established by the Fund’s board of directors.

According to Article 4 of the Law, a debt restructuring agreement is subject to termination if the state-owned coal mining industry:
  • fails to observe the terms of the debt restructuring agreement;
  • is liquidated;
  • is declared insolvent according to the procedure established by the law;
  • is included in the State Privatization Program as an object subject to privatization;
  • is included in the list of state-owned fuel and energy complex objects handed over under lease or concession.

The Law also introduces appropriate amendments to Laws of Ukraine “On Mandatory State Insurance against Workplace Injuries and Occupational Diseases that Caused Loss of Labor Capacity” and “On Collection and Registration of the Single Contribution for Mandatory State Social Insurance”.
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