Code of Ukraine of bankruptcy proceedings provides a possibility to bring bankrupt founders and third parties who have the right to give binding instructions to the debtor to subsidiary liability

The dynamics of applications for subsidiary liability shows an exponential increase -it can be assumed that in the coming years, every third business-related person may face with this issue.


– owners and controllers (beneficiaries) of a business – with a view to taking measures in advance to protect their personal assets (mainly such measures are due and virtuous business);

– creditors – in order to ensure real debt collection in case the debtor tries to avoid paying the debt through bankruptcy proceedings.


– to bring to subsidiary liability it is not necessary to have a criminal proceeding;

– owners and controllers are liable in the amount of the difference between the amount of creditor claims and the size of the liquidation mass;

– the bankruptcy liquidator must apply to the court after the sale of the liquidation mass facilities and settlement with creditors;

– in the process it is necessary to prove the presence of harm caused by the owners, the presence of actions that led to such damage (for example, the decision of the general meeting) and the causal relationship between actions and harm. The owner of the bankrupt must prove lack of intent.







Publications 31 March, 2020

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