Speech by Oleksandr Biryukov at the international conference "Bridges of Justice: Cross-Border Enforcement of Court Decisions"

Oleksandr Biryukov, Doctor of Law, Professor of the Department of Private International Law at the Institute of International Relations of Taras Shevchenko National University of Kyiv, international expert, spoke at the international conference "Bridges of Justice: Cross-Border Enforcement of Court Decisions" with a report entitled "Recognition of Foreign Proceedings and Foreign Court Decisions in Cross-Border Bankruptcy Cases."

During his speech, the scholar noted that the recognition of foreign court proceedings in cross-border insolvency cases is a key mechanism for resolving debtor's debt issues by using all of their property, regardless of its location. In Ukraine, such a procedure has existed in the current legislation since 2013, but there are no successful examples of its application yet.

Another procedure, namely the recognition and enforcement of judicial acts adopted in connection with insolvency proceedings, which is contained in international documents in the field of bankruptcy, is absent in domestic legislation. The need to provide for such a procedure in the national legislation of European Union member states is explicitly emphasised in the acts of this intergovernmental group.

At the end of his speech, Professor Oleksandr Biryukov stressed that an effective system for protecting the property rights of creditors and debtors in the event of the latter being declared insolvent is an important factor in attracting foreign investors to the country's economy. The legal mechanisms for resolving debtor debt problems in cross-border insolvency cases must be effective and become a guarantee for economic recovery in a post-war country in the future. Today, this should become one of the tasks of further reform of domestic bankruptcy legislation with a view to bringing it closer to the EU acquis communautaire.