A Ukrainian has successfully declared bankruptcy for the first time

A Ukrainian has successfully declared bankruptcy for the first time, according to a Ukrainska Pravda report on a decision last summer by Kyiv’s Economic Court. Previously only a legal entity or sole proprietor could declare bankruptcy. After a new law on bankruptcy came into effect one year ago, 142 individuals have filed for bankruptcy. The pioneer sought to reschedule a foreign currency mortgage. “The court created a precedent according to which the Ukrainians were able to settle their financial problems — the debtor can pay off debts on a comfortable schedule and not lose his property,” said Georgy Grigoryan, co-founder of the law firm BezBorgiv [Without Debts]. “Ukrainians now have a legal opportunity to zero their debt. Previously, only legal entities and private entrepreneurs could go bankrupt in Ukraine.”