Volodymyr Pospolitak, Head of the Humanities Department, participated in the two-day conference on factoring organized by the European Bank of Reconstruction and development, Association of the Factoring Companies FCI, and Independent Banking Association of Ukraine.

Volodymyr is one of the most respected financial legislators in Ukraine. During the conference, he presented his vision of regulating bad debt. Bad debts in Ukraine are growing because of the COVID-19 situation, whereas the area lacks appropriate regulation. It is only natural that the industry’s experts held the event to discuss what needs to be done.

“Our legislation has gaps in factoring transactions regulation, European Directives, and the world best practices are neglected. So, a bad debt problem is pending. Currently, the NBU is drafting amendments to the Civil and Commercial Code of Ukraine and the new draft law on financial services and financial institutions. The next step is the law regulating collectors’ companies and bad debt. The current situation hurts both financial market
participants and customers”, – Volodymyr explained.