Global Legal Update (#07-08 July-August 2016)

EU Recast Regulation and Ukrainian Insolvency Law: Watching Big Brother

Anton Y. Molchanov

It is definitely fashionable to talk about reforms in Ukraine. And, if the talk is about EU-connected reforms, this fashionability becomes absolutely sophisticated. Any parallels with the fashion market are more than applicable — when a new trend is born, lots of mimics will follow.

As Ukrainian reforms in judiciary and commercial frameworks have been moving forward, the more Ukrainian legal practitioners try to use foreign expertise and follow foreign trends. In a vast majority of cases such voyeurism is more than appropriate, but should we talk about an actively-discussed EU Recast Regulation on Insolvency — it is definitely not.

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