Good afternoon! I am happy to explain the main provisions of this law to you.<\/p>\n
1. **Essence of the Law:**
\n The Law introduces amendments to the Civil Code of Ukraine, introducing a moratorium on the accrual and payment of payments under loan agreements and financial leasing agreements for certain categories of business entities for the period of martial law and for one year after its completion. This applies to those borrowers and lessees who have been negatively affected by hostilities, in particular, have lost property in the territories where hostilities are taking place or which are temporarily occupied. The purpose of the law is to support businesses that have found themselves in a difficult financial situation due to the war.<\/p>\n
2. **Structure and main provisions:**
\n The Law supplements the section “Final and Transitional Provisions” of the Civil Code of Ukraine with new clauses (23-36), which define the conditions and procedure for applying the moratorium. The main provisions include:<\/p>\n
* **Conditions for applying the moratorium:** Criteria are defined for borrowers and lessees who can use the moratorium, in particular, regarding the amount of annual income, the location of the property that is collateral for the loan or the object of leasing, and the fact of loss of this property due to hostilities.
\n* **Application procedure:** Requirements are established for the content of the application for the application of the moratorium, the list of documents that must be attached to the application, and the procedure for submitting it to the creditor or lessor.
\n* **Procedure for making a decision by the creditor\/lessor:** The term for making a decision on the application of the moratorium or refusal to apply it, as well as the requirements for the content of the decision on refusal, are defined.
\n* **Consequences of applying the moratorium:** It is established that in the event of the application of the moratorium, the borrower\/lessee is released from the obligation to pay payments, the accrual of payments and the taking of measures of compulsory collection are suspended.
\n* **Terms and statute of limitations:** The validity of contracts is extended for the term of the moratorium, and the statute of limitations is suspended.
\n* **Responsibility for false information:** In case of submission of false information, the moratorium may be canceled.
\n* **Amendments to the Law of Ukraine “On Enforcement Proceedings”:** The terms for presenting enforcement documents for execution, performing enforcement actions and measures of compulsory execution of decisions related to the recovery of monetary obligations under such loan agreements (loan agreements), as well as foreclosure on the subject of security under the pledge agreement, mortgage, are suspended.<\/p>\n
3. **The most important provisions for use:**<\/p>\n
* **Criteria for borrowers\/lessees:** It is important to carefully check whether the business entity meets the established criteria regarding annual income, location and value of the pledged property or the object of leasing.
\n* **Requirements for the application and documents:** It is necessary to carefully prepare the application and add all the necessary documents confirming the right to apply the moratorium.
\n* **Deadlines:** It is important to adhere to the established deadlines for submitting the application and appealing the decision to refuse to apply the moratorium.
\n* **Territories of hostilities:** It is important to take into account the list of territories on which hostilities are (were) conducted or temporarily occupied by the Russian Federation, which is determined by the Cabinet of Ministers of Ukraine.<\/p>\n
This law is an important tool to support business in the conditions of martial law, but for its effective use it is necessary to clearly understand all the requirements and procedures.<\/p>\n