Arbitration activities no longer subject to licensing

July 2013 is the deadline allotted by the Law "On Restoring the Debtor Solvency or Declaration of Bankruptcy" (revised) to replace licenses to engage in arbitration activities (property administrators, rehabilitation managers and liquidators) with the relevant certificates, says the Minister of Justice Oleksandr Lavrynovych, as reported by the agency’s press-service.

The Minister reminded that, upon the said Law’s effect on 19 January 2013, arbitration activities (property administrators, rehabilitation managers and liquidators) are no longer licensed.

The law established a six-month period during which the Department of Justice as a state body for bankruptcy is replacing free of charge at the request of the arbitration manager the license with the certificate of right for implementation of arbitration activities (property administrators, rehabilitation managers and liquidators). Such certificate, according to the Law, grants the right to engage in arbitration activities (property administrators, rehabilitation managers and liquidators).

The Minister noted that the six-month period designated by the law expires on 19 July 2013. After this period, all licenses to engage in arbitration activities (property administrators, rehabilitation managers and liquidators) become invalid, and the persons who did not replace them, lose legal grounds to carry out relevant activities.

In this regard, in order to ensure the proper process of replacing licenses with certificates, the Ministry of Justice recommends arbitration managers-licensees wishing to continue performing activities arbitration managers as a independent professionals, in advance to submit a relevant application to the Ministry, and take action for the timely receipt of certificates issued as a replacement of licenses.