National Bank of Ukraine Seeks Public Opinion on Draft Framework Agreement for Financial Restructuring

OREANDA-NEWS. The National Bank of Ukraine has developed a  draft framework agreement for financial restructuring  and published it on its website.

In particular, a draft agreement is intended to:

• set out the general principles and guidelines   governing coordination between financial institutions during the restructuring procedure;

• establish that parties that will join a framework agreement shall give their consent to settle all disputes through arbitration in accordance with arbitration procedures;

• establish the procedure for selection of an authorized representative by creditors, being parties to a framework agreement, to sign a restructuring plan. 

As a side note, on 14 July 2016, the Verkhovna Rada of Ukraine passed the Law of Ukraine On Financial Restructuring.