Verkhovna Rada adopts law on moratorium on bankruptcy of state-owned critical infrastructure facilities
The Verkhovna Rada of Ukraine adopted bill No. 8316 on a moratorium on the bankruptcy of state-owned critical infrastructure facilities during martial law plus two more years, MP Yaroslav Zhelezniak (the Holos faction) reported on Telegram on Wednesday.
According to the report, only 227 parliamentarians voted for the bill of December 2022 authored by Oleksandr Fediyenko (the Servant of the People faction) and a number of other deputies.
Zhelezniak noted that he himself considers the bill “bad,” so he did not vote for it and did not provide details.
The essence of the bill is that disputes and cases the subject of which is the state’s ownership of critical infrastructure facilities, restoration of the solvency of such facilities or declaring them bankrupt are not subject to judicial proceedings during the period of martial law and for two years from the date of its termination or cancellation.
During the consideration of the bill, approximately 100 amendments were received.
At the same time, the Committee on Energy, Housing and Utilities Services noted in its conclusion that the final version of the bill introduces selective restrictions on the execution of court decisions, enforcement proceedings, the termination of legal proceedings in the case, the lifting of arrests, the closure of bankruptcy cases of companies that are operators of critical infrastructure of the state forms of ownership. In its opinion, such norms contain great risks for the energy sector, which is systemically important in the state’s economy, do not take into account the specifics of its activities and may entail undesirable financial, reputational and legal consequences and negatively affect the investment climate of the state. It notes that this could lead to questionable use of public funds, with taxpayers paying for unprofessional management of state critical infrastructure operators or using funds aimed at rebuilding the country.
As reported, on February 7, 2024, the Rada adopted a bill to extend the moratorium on bankruptcy of state-owned coal mining enterprises until January 1, 2025.
