Alekseev, Boyarchukov and Partners possesses a comprehensive bankruptcy practice that stands as one of the firm’s fundamental strengths. Serving a client base that includes commercial banks and financial companies, the firm is frequently engaged to represent local corporate debtors in bankruptcy proceedings, assists in debt recovery litigation, and supports liquidation procedures. In addition, the team commonly provides assistance in insolvency procedures alongside insolvency officials. The firm supports creditors in the USD 400 million bankruptcy proceedings of Kuznya on Rybalsky, a private shipbuilding joint-stock company, and Sergii Boyarchukov, as the most experienced insolvency practitioner, was appointed property manager, who is currently carrying out the procedure for disposing of the plant’s property. Among other ongoing highlights is representation of creditors in the bankruptcy of Gadyachsyr LLC, one of the largest producers of hard cheese in Ukraine, followed by its liquidation procedure; representing Alliance Bank in initiating bankruptcy proceedings against LLC DEVIST; supporting the bankruptcy procedure of Forum DS with a view to repaying its debts to creditors. Sergii Boyarchukov is a distinguished figure in Ukrainian insolvency circles, renowned for his deep expertise and significant contributions to the field. Market sources highlighted the involvement of Olena Burkush, partner, in bankruptcy cases during the research period. Nazarii Adamchuk, who was promoted to partner, is another key figure in the bankruptcy practice.[1] 

ARIO Law Firm is prominent for its strong commitment to bankruptcy, restructuring, and debt settlement. The specialized team represents both creditors and debtors, managing liquidation procedures, and addressing related criminal issues within its practice. The team proceeds cases in a range of industries, in particular, agriculture, banking, construction and materials, energy, financial services, industrial and manufacturing, shipping etc. Among public cases was representing Boryspil-Bud-Invest LLC in a bankruptcy case, securing a court decision to return illegally alienated property and aiming to either settle the bankruptcy through an agreement or revive the company’s construction activities by repaying creditors; representing Budcontract LLC, which is unable to meet payment obligations due to force majeure, in a bankruptcy case to settle payables, following the acquisition of their debt by a financial company after the original creditor bank was liquidated. The firm’s senior partner, Julian Khorunzhiy, is highly regarded on the market and was involved in the development of amendments to the Code of Ukraine on Bankruptcy Procedures – the implementation of the European pre-trial sanitation mechanism. Oleksii Voronko, managing partner, is the practice head. Other practitioners noted by peers within the research period are Andriy Fylyk and Serhiy Bukhalenkov.[2] 

EQUITY, a leading Ukrainian firm in dispute resolution, boasts extensive experience in managing distressed assets. With a solid reputation in insolvency litigation, banking resolution, and handling non-performing loans (NPLs) matters, the firm has consistently served as legal counsel to major industrial-financial groups and financial companies. It has also played a pivotal role in high-profile bankruptcy cases across various economic sectors, often involving top banking sector leaders in Ukraine. With the full-scale Russian aggression, the long-lasting complex representation of Azovmash Group, the largest engineering and manufacturing enterprise of Ukraine, boasted with new wave of insolvency disputes (e.g., Azovobschemash Trading House PJSC in USD 777 million and Azovobschemash PJSC in USD 750 million bankruptcy disputes; Mariupol Heavy Engineering Machine Building Plant PJSC in USD 595 million bankruptcy dispute, etc.). In the course of the long-lasting representation of PJSC UkrIncom (formerly UkrInBank), the firm received the favorable decision of the Supreme Court of Ukraine, ruling on the unlawfulness of the banks’ insolvency proceedings. The team stands out for its extensive advising and accompanying clients in purchasing portfolios of non-performing loans and distressed assets from Ukrainian insolvent banks. In the reporting period the clients trusted their financial and assets portfolios for a total amount of up to USD 5+ billion. In particular, the firm represents Finance Company LLC in a dispute for USD 235 million due to debt collection, forced debt collection and insolvency, including enforcement of NPLs acquired in several banks. Other NPLs enforcement cases are conducted on behalf of Finance Company Helios, Expert Invest and many others. Partner Oleh Malinevskyi, renowned as one of Ukraine’s foremost litigators, leads the practice. Alongside him, partner Serhiy Chuyev, who co-heads litigation, plays a leading role in overseeing banking disputes. The senior executive team also includes Dmytro Tylipskyi, Andriy Ivaniv, and Olexiy Stepanenko, each bringing expertise and leadership to their respective areas within the firm. 

Ilyashev & Partners boasts a robust standalone bankruptcy practice that represents debtors, creditors, and insolvency practitioners. With one of the largest teams in the market, the firm is a preferred choice for managing large-scale, complex bankruptcy cases, particularly those involving a substantial number of foreign creditors. The practice team is well-regarded for its proven history of representing distressed industrial debtors and state enterprises during their bankruptcy proceedings. Throughout the research period the firm raised a number of cross-border insolvency projects in its portfolio. The firm continued to support the bankruptcies of the Kremenchuk Automobile Plant (AvtoKrAZ), Creative Group, Salute Hotel, Feodosiya Shipbuilding Company Morye, PJSC Ukraine Chemical Products, Euromotors Trading House LLC, etc. The dedicated team represented the interests of Ukrspecexport in the bankruptcy proceedings of PJSC Kuznya on Rybalsky Plant; currently acts for BTA Bank in the bankruptcy case of Repair and Industrial Holding LLC. Roman Marchenko, the firm’s senior partner, carries out strategic guidance and acts on complex large-scale cases. Vadym Kizlenko, co-head of insolvency and financial restructuring, plays a pivotal role in steering complex cases with numerous creditors. Andriy Konoplya, practice co-head, is another key figure with long-term commitment to bankruptcy practice. The core executive team includes Yaroslav Mudryi and Sergiy Kliestov. 

Ukrainian law firm L.I. Group excels in debt recovery and bankruptcy proceedings, primarily representing creditors. It is well-known for its substantial clientele of banks and financial companies, and supporting large-scale complex bankruptcies of industrial majors. The firm represents the interests of the largest banks in Ukraine – JSC CB Privatbank in the bankruptcy procedure of a wide range of debtors, among others, Montana Estate LLC, Agroterminal LLC, Borivazh LLC, etc. It is noteworthy that the firm secured the protection of the interests of PJSC Dniprovsky Metallurgical Plant in the procedure for approving changes to the pre-trial rehabilitation plan. The practice has two partners on board. Artur Megeria is consistently involved in a variety of significant bankruptcy proceedings. Mykola Kovalchuk splits his time between bankruptcy practice and sports law.

The expertise of Gramatskiy & Partners encompasses a comprehensive range of judicial procedures including pre-trial rehabilitation, property disposal, bailouts, liquidation, and amicable settlements. Additionally, the firm has acquired particularly rich experience in supporting judicial and out-of-court bankruptcy procedures. In 2022-2023, the firm advised creditors, debtors, bankruptcy trustees, debtor’s management in bankruptcy cases in the following industries: engineering and heavy industry, agribusiness, retail, financial services, energy, media and others. The firm’s lawyers have contributed to the development of the insolvency and bankruptcy practice of the Supreme Court of Ukraine on the issues of subsidiary liability of management and owners for the debtor’s obligations, appealing against various commercial court rulings in bankruptcy cases, bringing an arbitration manager to liability, forms and methods of closing a bankruptcy case, appealing against the results of tenders, and resolving tax disputes in bankruptcy. Andrii Trembich, an experienced generalist and litigator, leads the practice as the head. 

LCF Law Group is well-known for its expertise in debt recovery and collection disputes, representing both borrowers and creditors in complex bankruptcy proceedings and disputes, insolvency litigation and assignment of claims from creditors. The firm continued representation of AVK Group in insolvency disputes and ongoing bankruptcy proceedings to accurately assess AVK’s assets, including plants in occupied territories, under the context of nationalized creditor banks. The team successfully challenged the premature liquidation of AVK, with the Supreme Court of Ukraine overturning this decision, recognizing the undervaluation of assets and reducing the client’s overall debt. The team handled representation of an ex-head of a bank in a dispute with the state-run Deposit Guarantee Fund of Ukraine on damages recovery after the bank was declared insolvent, and successfully won in the end of 2023. Among public clients are Group of companies Kostyantynivsky Plant of metallurgical equipment (Group of companies KZMO), Ovostar Union LLC, First Ukrainian International Bank. Olena Volianska, partner, head of bankruptcy and restructuring, is a distinguished insolvency practitioner with extensive expertise in managing complex bankruptcy cases and restructuring processes. Another key practitioner is Denys Sperov, counsel, head of the enforcement of court judgements and asset discovery practice.

The domestic bankruptcy boutique Nobili specializes in effectively managing bankruptcy proceedings for local borrowers. In terms of the bankruptcy proceedings of Capital Invest Story, the firm assists the exercising of powers of the property manager and liquidator in this case; supports the bankruptcy proceeding of JSC Uzhhorodskyj Turbohaz. Managing partner Nataliya Tyshchenko is a known insolvency professional.

Ukrainian law firm Sokolovskyi & Partners stands as a vigilant guardian in bankruptcy practice, with extensive experience of managing bankruptcy proceedings, insolvency disputes, and handling liability crisis management, including extrajudicial sanitation. The practice team supports both creditors and debtors, including restoration of solvency and liquidation procedures. During the research period the insolvency cases handled by the team proceeded in the energy, power and supply sectors. In addition, the team acted on debt collection, and measures to reduce creditor indebtedness. Ivan Balytskyi, head of bankruptcy and anti-crisis asset management practice, has a long-term commitment on the market.

Ukrainian law firm Dictio offers comprehensive services in corporate bankruptcy, including creditor representation in bankruptcy proceedings, formulating recovery plans, legal support for debtor bankruptcy processes, and serving as an insolvency practitioner. Partner Serhii Shtohryn was appointed as the liquidator for the Pokrovsky District Municipal Institution Children’s Health Camp “DRUZHBA”, and as the liquidator for the Piatykhatky Water Service Company.

Consulting firm DOMINANTA, which is based in Odesa, is focused on supporting the bankruptcy of individuals. In a recent highlight the firm acted on a series of cases where the creditors were big banks and financial companies (Ukrsibbank, State Savings Bank of Ukraine, Sense Bank, Ukrdebt Plus) and the tax authorities (Kyiv City Customs Service of the Federal Tax Service, the State Tax Inspectorate in the Shevchenko district of Zaporizhzhia). Svitlana Khomko heads the practice.

Having a strong dispute resolution practice, INTEGRITES is enlisted by international banks, asset managers and other lenders in the course of insolvency proceeding of Ukrainian debtors. The firm acts as the Ukrainian legal counsel to Triodos Management B.V. with respect to the insolvency procedures initiated against JSC Megabank and recovery of debt from the ultimate beneficial owner of the bank; acted as a Ukrainian law counsel to Bank Frick & Co AG (Liechtenstein), in the litigation in the High Court of England and Wales brought against it and another defendant by the Deposit Guarantee Fund of Ukraine, while the dispute arose out of the collapse of a Ukrainian bank in 2014-2016. Partners Dmytro Marchukov and Oleksandr Onishchenko guides the respective work.

KPMG Law Ukraine is centered on advising leading domestic companies on various legal matters, debt restructuring advice, and assistance in the process of restructuring, etc. In particular, the team carried out a thorough independent review of several major manufacturing groups so as to evaluate debt validity and restructuring options for banks. Among other areas of focus are financial restructuring and NPLs. Yuriy Katser, head of legal services, and Bogdan Shyshkovskyi, are the key figures.

Shkrebets & Partners represents clients throughout the entire bankruptcy process, including the disposition of property, financial rehabilitation, and liquidation of the debtor. During the research period the firm boosted its bankruptcy practice with instructions for representing communal enterprises in Kharkiv. The firm acts on the debtors’ side, and provides the services of insolvency officers. In particular, the firm’s partner, Yuriy Artukh, acts as an insolvency practitioner in the course of bankruptcies of communal enterprises Zhilkomservis and Miskelektrotransservice.

The poll also revealed a number of regional law firms focused on bankruptcy and insolvency – Absolute Law Agency and Pravova Constanta in Dnipro; Globus Law Firm in Kharkiv; Matviyiv & Partners – in Lviv.

Oleg Chychva, an independent insolvency practitioner, is mentioned for his active involvement in a range of significant cases on the market.

Oleksandr Khomenko, partner of domestic firm Khomenko, Pita & Partners[3], is renowned for his many years of experience in bankruptcy and crisis management.

[1] In May 2022, Maksym Boyarchukov left the firm and established a new firm called Maksym Boyarchukov and Partners.

[2] Ruslan Sydorovych was elected as a member of the High Qualification Commission of Judges of Ukraine and terminated his partnership with Ario Law Firm. In summer 2023 Iryna Serbin left the firm for the public service in the Ministry of Justice of Ukraine.

[3] The firm has not submitted information for the current research.