Asters is reporting that Counsel Dmytro Shemelin has been elected Deputy Head of Ukraine's new Arbitration Committee, established pursuant to the requirements of the new On Financial Restructuring law for dispute resolution within financial restructuring procedures in Ukraine. The Supervisory Board also approved Asters' Managing Partner Oleksiy Didkovskiy as an arbitrator within the financial restructuring procedure.
"The financial restructuring procedure is stipulated by the law for debtors whose business operations are potentially promising, but who have temporary financial problems," commented Sergiy Shklyar, Deputy Minister of Justice of Ukraine for Enforcement Service, and Chairman of the Supervisory Board. "Ukraine's new On Financial Restructuring law provides the opportunities and tools to save these debtors by reducing the financial burden and restoring debtors' operations. The Law also has many other advantages aimed at the renewal of business activity in Ukraine. We received more than 20 applications and were impressed that partners of the leading law firms alongside with scientists indicated their strong interest in setting up an arbitration process in Ukraine which would reflect the best international practices. Asters' Counsel Dmytro Shemelin has extensive experience in arbitration procedures according to various rules and specializes in international arbitration."
Asters' lawyers participated in the drafting of the On Financial Restructuring law, which came into force on October 19, 2016.