The mechanism of removal of arrest from the property of the debtor

“At present, the Law of Ukraine “On Enforcement Proceedings ”does not define a scheme for removing an attachment from the debtor’s property (funds), which has been declared bankrupt on the basis of a court’s ruling. Nevertheless, there exist ways to resolve this dilemma” – comments Irina Gulaya, “Dynasty” Law Firm attorney specifically for “Legal Practice” https://new.pravo.ua/articles/operacija-likvidacija/

The easiest and most effective way of removing the attachment and lien release from the debtor’s property (funds) is based on the legal norms of the currently valid Law of Ukraine “On Restoring Debtor’s Solvency or Declaring It Bankrupt” and taking the Bankruptcy Code of Ukraine into account, signed by the head of state with an appeal of the bankruptcy liquidator with a petition to the economic court for the abolition of attachments and prohibitions imposed by state executive service bodies.

In case of acquisition of the property of the debtor at the auction by a natural or legal person, a situation arises when “almost the owner” faces an obstacle to registering his property right with a notary (state registrar).  It is possible to get out of this situation by appealing in a court of law the refusal of the notary (state registrar) to register the right of ownership on the basis of the current attachment or encumbrance imposed by the state executive service on the acquired property.  When applying to the court one should, in addition to “removing the main obstacle” – the removal of attachment or encumbrance – solicit for recognition of ownership of the newly acquired property.

Publications 26 April, 2019

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