The national Bank of Ukraine with the group of experts finalized the draft law “On the activities of debt management”, which will greatly facilitate banks bulk sale and the transfer of control of hundreds of billions of hryvnias of bad debts. This writes FinClub.

The bill will allow the creation of specialized companies to manage debt. These companies can buy the banks power loan that has already accumulated in 477,1 billion.

Debts of the banks involved in the company on debt management (HPUS). They will be able to create anyone, just need to make the data about them in the register of financial companies, which leads the financial services Commission.

The minimum authorized capital is not less than UAH 30 million. It will have to generate money, not loans, loans or financial assistance. To HPUS became a state, the state share should be over 50%.

Existing financial or factoring company, who will want to work with problem debts under the new rules, will be required to re-register in accordance with the requirements of the law.

Internal migrants ‘ settlements around will be able to buy and sell debts, manage them. Banks will not have to the debtors permission to sell their loans, they will just notify about the sale or transfer of debt management. Spacompany will prepare options for the repayment of debt, its restructuring, to manage the assets (including lease or lease to third parties), to participate, in accordance with the relevant law, the procedure of financial restructuring.

The Tax code include incentives for distressed borrowers and companies on debt management. These companies will be fully exempt from income tax, and forgiven (cancelled) debt in the body of the loan, interest, commissions and penalties will not be considered an additional benefit of the taxpayer. This means that entities will not have to pay income tax, and natural persons – personal income tax.

Banks will also be easier: when you sell cheaper than face value of debt and dismantling of the reserves they have will not encounter tax obligation. Tax breaks will operate for five years, until 2023.

Banks will get rid of toxic loans 23.11.2017

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