ARMA recently hosted a public discussion of draft laws under the Ukraine Facility Plan

The decision to fundamentally change the way seized assets are managed, including transferring them to insolvency receivers, was not approved.

The government draft law submitted by the Ministry of Justice and processed by ARMA is supported by other executive authorities and meets the requirements of the Ukraine Facility Plan. The National Agency is ready to strengthen it with regulations for the second reading. We emphasize that it is the Government that is responsible for the implementation of the Ukraine Facility Plan, and ARMA has already been transformed over the past year and a half and is ready to continue to do so to enhance results and cooperation with the EU.

The draft law No. 12374-D introduced by the relevant Committee, unlike the Government's, completely changes the procedure for managing seized assets, namely, introduces controversial provisions on the definition of an asset manager by the automated asset distribution system and changes to asset managers who are insolvency officers and private enforcement officers.

Even the members of the relevant committee expressed a number of comments on the proposed model of management of seized assets. For more details, see here.

“When the agency has started to give billions of hryvnias, not 34 million a year, it is not time to change the methods that have just started working! It is time to finalize and approve the changes that the agency has been initiating for over a year. There are many issues that really need legislative regulation. But they need to be improved and moved on, not broken and something new created, which works only in New Zealand and is unknown even to the initiators of the draft law,” commented ARMA Head Olena Duma.

She noted that the need to approve the Government's draft law was discussed during a meeting with IMF Resident Representative in Ukraine Priscilla Toffano.

ARMA calls on MPs to support the Government's draft law No. 12374 within the Ukraine Facility Plan