Ukraine wants to simplify bankruptcy for small businesses: Rada supports bill in first reading

On September 16, the Verkhovna Rada supported in the first reading Bill No. 15024, which provides for the introduction of a simplified bankruptcy procedure for micro and small businesses. In particular, it is proposed to limit such proceedings to a period of 180 days.

The bill was registered in the Verkhovna Rada on February 10, 2026. It provides for amendments to the Code of Ukraine on Bankruptcy Procedures and a number of other legislative acts.

Official parliamentary resources also confirm that Bill No. 15024 concerns simplified proceedings for micro and small business entities, as well as the specifics of bankruptcy of state-owned enterprises and business associations for which a decision on privatization has been made.

What is proposed to be changed

The purpose of the bill is to reduce the duration of bankruptcy procedures, simplify debt settlement, and create a more accessible mechanism for small businesses.

Among the key innovations:

introduction of a separate simplified bankruptcy procedure for micro and small businesses;
establishing clear criteria for access to it to prevent abuse;
simplifying the procedure for appointing an arbitration manager;
reducing the total duration of the proceedings to 180 days without the possibility of its extension;
introducing a presumption of consent of creditors if they have not expressed objections within the specified period;
preserving guarantees for the payment of wages and social benefits to employees;
determining the procedure for repaying debts and forming a liquidation estate.
What will change for state-owned enterprises

A separate block of the draft law concerns enterprises for which a decision has been made to privatize.

The document provides for the establishment of a priority for privatization over the bankruptcy procedure. For a certain period, it will be prohibited to open a bankruptcy case for such an enterprise. The goal is to prevent the simultaneous application of two procedures and a conflict between them.

In addition, the draft law proposes safeguards that should limit the use of the simplified procedure by companies created for fraudulent schemes.

After approval in the first reading, the draft law must undergo preparation for the second reading. The proposed rules have not yet entered into force.