In Re (#07-08 July-August 2016)

Invalidity of Auction for Sale of Debtor’s Property

Dmitriy O. Abramenko, Maria M. Grechko

In terms of increasing instability in the Ukrainian economy, the financial condition of commercial organizations is worsening year on year. For last year, many of the biggest business entities faced bankruptcy. The failure of about 40% of Ukrainian banks and the participation of the Deposit Guarantee Fund in insolvency proceedings eventually lead to bankruptcy proceedings in many companies. Long-term approaches for solving the situation primarily end in selling bankrupt’s assets as the only way to satisfy creditors’ claims. The goingout-of-business sale, particularly the sale of pledged assets, is an essential and integral part of the market economy due to the fact that such a sale is the source of funds for the Deposit Guarantee System in Ukraine and a condition of stability for the private sector.

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