News date: 17 June 2025
Vadym Kizlenko, Counsel, Insolvency Receiver, and Co-Head of the Insolvency and Financial Restructuring Practice at Ilyashev & Partners Law Firm, as well as a member of the Insolvency Receivers Council of Kyiv City, delivered a speech at the III National Forum of the Ukrainian National Insolvency Trustees Association (UNITA) on “Bankruptcy and Insolvency in Ukraine”, held on 13 June 2025 in Kyiv. The event was organized by the UNITA with the support of the EU-funded Pravo-Justice Project.
In his presentation entitled “Insolvency Receiver’s Remuneration: Key and Problematic Issues”, Vadym Kizlenko spoke about the types of remuneration of an insolvency receiver, its amount and sources of its formation. He focused on the problems faced by experts in their daily practice, in particular, the lack of real guarantees that would ensure decent and systematic remuneration for the work of insolvency receivers.
Vadym Kizlenko also announced a number of legislative proposals aimed at reforming the remuneration system: linking remuneration to the complexity of the case, introducing financial guarantee mechanisms for insolvency receivers, reducing the tax burden, and establishing special funds with the participation of creditors.
“The inability to receive decent remuneration for your work is not only a problem for the insolvency receiver, but also a systemic threat to the effectiveness of the entire bankruptcy proceedings. In most cases, debtors do not conduct business and have no assets, and creditors do not create funds to finance the procedures. In such conditions, the insolvency receiver often finds himself alone with a process that is legally initiated but cannot actually be completed properly,” emphasized Vadym Kizlenko. “The remuneration needs to be not only guaranteed, but also be proportional to the scope and complexity of the work performed. This requires clear logic: no payment – no bankruptcy proceedings.”
The forum also included panel discussions on the development of the insolvency institute in wartime, cooperation between the state, business and the professional community, and the role of insolvency receivers in stabilizing the economy.
The forum was attended by representatives of the Ministry of Justice of Ukraine, judges of the Supreme Court, MPs, international experts, insolvency receivers, bankers and representatives of the public sector.
The National Forum “Insolvency and Bankruptcy in Ukraine” is an annual event held for representatives of business and legal community with the aim of promoting bankruptcy procedures to help businesses restore their solvency, discuss pressing issues and support the economy. The event is organized by the UNITA with the support of the EU-funded Pravo-Justice Project.