OREANDA-NEWS. November 22, 2011. The Ministry of Justice and its territorial bodies have begun actual execution of powers on forming and provision of implementation of national policy on bankruptcy. At the same time, all regulations of Justice on bankruptcy have come into force, which are regulating the order of implementations by the Ministry of new powers. The Minister of Justice Oleksandr Lavrynovych has reported about it.

As it is known, the Ministry of Justice has been identified by the main central body of executive power in this area due to optimization of the system of central executive bodies and the elimination of the Department on bankruptcy. Appropriate powers in the field of bankruptcy are specified by the Statute of the Ministry of Justice, approved by the President of Ukraine Decree on 6 April 2011.

According to the Minister of Justice, in connection with the entry of new powers, since November, 21st 2011, the Ministry of Justice has started to exercise more than a dozen new features.

Thus, the Ministry of Justice is vested with the authority of a single database of businesses for which instituted the proceedings in the bankruptcy case. Accordingly, the Ministry will establish and approve the way arbitration control information required for the specified database.

The Ministry of Justice will carry out the licensing of individuals - entrepreneurs who carry out activities as a trustee in bankruptcy (property managers, readjustment managing, and liquidators). In addition, the Ministry of Justice will be engaged in the organization of training arbitration managing (the managers of property, managing readjustment, liquidators).

Also, the Ministry of Justice is vested with powers to propose to the Commercial Court nominations arbitration managers (property managers, managing readjustment, liquidators) for the state enterprises or the enterprises in which authorized capital the share of state ownership exceeds 25 percent, on which instituted the bankruptcy case, and in other cases prescribed by law.

The Ministry of Justice will conduct the expertises of the financial condition of state-owned enterprises and enterprises whose authorized capital the share of state ownership exceeds 25 percent, during the preparation of the bankruptcy proceedings for consideration or review by the economic court in the case of appointment by the court examination and provision of appropriate order.

At the Ministry of Justice is entrusted with powers to ensure implementation of bankruptcy proceedings of the absent debtor.

In addition, the Ministry of Justice will carry out preparation on the requests of the court, prosecution or other authorized agency conclusions about the signs of hidden, fictitious bankruptcy or bankruptcy of state enterprises or enterprises, in the authorized capital of which state ownership exceeds 25 percent.