Legislative news digest: LEGAL HOTLINE 27.09.2017

NEW RULES ON THE CLAIMS OF CREDITORS OF BANKS IN THE PROCESS OF LIQUIDATION APPLY

On September 16, 2017, the Procedure for compiling and maintaining the register of accepted creditors’ claims and satisfaction of claims filed by creditors of liquidated banks, which was approved by the decision of the Deposit Guarantee Fund (DGF) No. 3711 of August 21, 2017 (hereinafter referred to as “the Procedure”), came into force.

In particular, the Procedure regulates in detail the processes of determining the amount of creditors’ claims, assigning creditors’ claims to a specific waiting list, rejecting claims, and maintaining the register of accepted creditors’ claims.

Creditors have to raise their claims within 30 days from the day of publication of information on withdrawal of the banking license and bank liquidation. At the same time, claims received after the expiry of the period specified for raising creditor claims are considered to be repaid, except for the depositors’ claims within the amount of repayment of deposits guaranteed by the DGF.

A PILOT PROJECT ON ELECTRONIC LAND AUCTION IS BEING INTRODUCED

From October 1, 2017 to June 20, 2018, the pilot project on the introduction of electronic land auction by the local bodies of the State Service of Ukraine for Geodesy, Cartography, and Cadastre (auction organizer) will operate in Ukraine. A lot at the auction will present the right (lease, emphyteusis) to the plot of agricultural land owned by the state. The implementation of this project is stipulated by the Resolution of the Cabinet of Ministers of Ukraine No. 688 of June 21, 2017 (hereinafter referred to as “the Resolution”).

The executor conducting the auction (an economic entity that has concluded an agreement with the organizer on conducting the auction) will be selected by means of competition.

Electronic land auctions will be held 30 days after their announcement, and those wishing to take part will need to file an application and the documents specified in the Resolution and pay the registration and guarantee fees.

Auction participants will submit their bid proposals for the lot through the executor’s website with the bid increment specified in the auction announcement.
The winner will be the participant, whose pricing proposal is the highest one at the moment of completion of electronic land auction. Based on the results of the electronic land auction, an agreement on lease and/or emphyteusis of the land plot will be concluded.

BANKS ARE OBLIGED TO NOTIFY ASSOCIATED PERSONS ABOUT THEIR STATUS

The National Bank of Ukraine has obliged banking institutions to inform individuals and legal entities about their recognition as persons associated with the bank. The bank has to make such notification in writing and not later than on the business day following the recognition of the person as the one associated with the bank and the entry of information about it into the list of such persons.

Also, legal entities are no longer considered to be associated with the bank on the basis of their affiliation due to the substantial involvement of the state, a territorial community, or an international financial institution, for which privileges and immunities are established.

Relevant amendments were made to the Regulation on the determination of persons associated with the bank by virtue of the NBU Board Resolution No. 91 of September 15, 2017, which entered into force on September 19, 2017.

THE STATE FISCAL SERVICE INTRODUCED A NEW SERVICE FOR VAT PAYERS

The SFS has refined the “Electronic Cabinet of a Taxpayer” in terms of providing access to the Unified Register of Tax Invoices (URTI).

From now on, after their identification via the electronic digital signature (EDS), VAT payers will be able to review information on suspended tax invoices and/or calculated adjustments in their personal cabinet. Also, taxpayers will have an opportunity to examine the decision of the SFS commission on the registration or refusal to register tax invoices and/or calculated adjustments in the URTI.