Photo from UNIAN
The institution of bankruptcy of individuals exists in all civilized countries, Ivanchuk said.
The Verkhovna Rada, Ukraine's parliament, has passed the bill related to the Code of Ukraine on bankruptcy procedure, which introduces the institution of bankruptcy of individuals in the country.
Read alsoUkraine's Deposit Guarantee Fund earns nearly US$240 mln on bankrupt banks' assets
The relevant document was backed in the second reading and as a whole by 237 MPs with the required minimum of 226 votes.
Chairman of the Rada's Committee for Economic Policy Andriy Ivanchuk says the institution of bankruptcy of individuals exists in all civilized countries.
"In the overall ranking of doing business in Ukraine, we will climb by 10 positions, which will be a good signal to all our international partners," the official said.
According to the explanatory note, the document aims at increasing the efficiency of bankruptcy procedures, the level of protection of creditors' rights, improving the procedure for selling the debtor's property at an auction, increasing the level of performance of contracts and court decisions, as well as the settlement of relations to restore the solvency of individuals who are in a difficult financial situation and need assistance from the state.