Asters Counsel Dmytro Shemelin Elected Deputy Head of the Arbitration Committee on Financial Restructuring
March, 2017 - Kyiv, Ukraine
On 30 March 2017 the Arbitration Committee established in compliance with the requirements of the new Law - "On Financial Restructuring" - for dispute resolution within financial restructuring procedures in Ukraine, was announced to begin operating. The members of the Supervisory Board elected Dmytro Shemelin, Counsel at Asters law firm, Deputy Head of the Arbitration Committee. The Supervisory Board also approved Asters' Managing Partner Oleksiy Didkovskiy as an arbitrator within financial restructuring procedure.
"The financial restructuring procedure is stipulated by the law for debtors whose business operations are potentially promising, but they have temporary financial problems. The new Law of Ukraine "On Financial Restructuring" provides the opportunities and tools to save these debtors by reducing the financial burden and restoring debtors' operations. The Law also has many other advantages aimed at the renewal of business activity in Ukraine," - Sergiy Shklyar, Deputy Minister of Justice of Ukraine for Enforcement Service, Chairman of the Supervisory Board, comments. "We received more than 20 applications and were impressed that partners of the leading law firms alongside with scientists indicated their strong interest in setting up an arbitration process in Ukraine which would reflect the best international practices. Asters' Counsel Dmytro Shemelin has extensive experience in arbitration procedures according to various rules and specializes in international arbitration."
Asters' lawyers took active part in drafting the new Law of Ukraine "On Financial Restructuring", which came into force on 19 October 2016. The recognized and unparalleled expertise in all kinds of financing transactions allows Asters to competently represent both debtors and lenders or investors in financial restructuring procedures.
